What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: September 15, 2015

Stoltmann Law Offices is investigating Andre V. Labarbera, a former broker with Newport Coast Securities in New York. The Financial Industry Regulatory Authority (FINRA) accused Labarbera of excessively trading and churning customer accounts. FINRA alleged that Labarbera’s customer’s accounts were highly margined and concentrated in one security, and this should have drawn scrutiny by his firm. There were also higher cost trades where markups almost always exceeded three percent and were executed on a reckless principal basis. Also, exchange traded funds (ETFs) and leveraged exchange traded notes (ETNs) remained in accounts for multiple trading sessions and solicited trades were inaccurately characterized as unsolicited. Almost all of these customer accounts exhibited large losses. The trading was not consistent with the customers’ investment objectives and financial situations. In FINRA’s claim it was noted that:


“It is further alleged that Labarbera, the firm and the other representatives engaged in a manipulative, deceptive and fraudulent scheme by churning the accounts of customers. They acted with intent to defraud and/or with reckless disregard of their customers’ interests by seeking to maximize their own remuneration in disregard of the interests of their customers and as a result, willfully violated FINRA rules.”


Labarbera was registered with Stratton Oakmont in Lake Success, New York from September 1990 until April 1992, Whale Securities in New York from May 1992 until May 1994, Gruntal & Co. in New York, New York from May 1994 until April 1996, Whale Securities in New York from April 1996 until June 1997, State Street Securities in Great Neck, New York from June 1997 until November 1998, Tasin & Company in Hauppauge, New York from December 1998 until February 2001, Brookstreet Securities in Dix Hill, New York from February 2001 until July 2007, Wedbush Morgan Securities in Dix Hills from June 2007 until July 2008, Newport Coast Securities in Dix Hills from July 2008 until August 2012 and IFS Securities in Dix Hills from July 2012 until December 2012. His is currently registered with Titus Rockefeller in Dix Hills and has been since January 2013. He has three customer disputes against him, three of which are pending. He has one criminal dispute against him.

If you lost money with Andre Labarbera, please call our securities law firm at 312-332-4200 to speak with an attorney. The call is free with no obligation. You may be able to bring a claim against Labarbera’s former firm, Newport Coast Securities, for failing to reasonably supervise him while he was employed there. We take cases on a contingency fee basis only, so we only get paid when you recover money.


The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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