Andrew Vincent LaBarbera of Dix Hills New York a stockbroker formerly employed by Titus Rockefeller LLC has been identified in a customer initiated investment related arbitration claim where the customer sought $23,793.00 in damages founded on accusations that the customer’s account was churned and that a fiduciary duty that was owed to the customer had been breached by LaBarbera. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03517 (Feb. 15, 2020).
According to the claim, stock and over-the-counter equities transactions that La Barbera made in the customer’s account had failed to be suitable. The claim also alleges fraudulent misrepresentations in regard to the stockbroker’s transactions while associated with TR Capital Group LLC and Titus Rockefeller.
LaBarbera has been identified in five additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Grant Bettingen, Newport Coast Securities and Stratton Oakmont. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related complaint in reference to La Barbera’s conduct was resolved for $25,000.00 in damages based upon accusations that a fiduciary duty which was owed to the customer had been breached and that the customer was defrauded during the time that LaBarbera was associated with Stratton Oakmont Inc.
Another customer initiated investment related complaint involving LaBarbera’s conduct was settled for $25,000.00 in damages based upon allegations that contractual obligations to the Stratton Oakmont customer had been breached and that misrepresentations and omissions had been made by the stockbroker as it pertained to the customer’s account. LaBarbera is also the subject of a customer initiated investment related arbitration claim which was settled for $160,000.00 in damages based upon allegations that misrepresentations had been made by the stockbroker concerning exchange traded funds held in the customer’s Grant Bettingen Inc. account.
On February 7, 2020, another customer filed an investment related arbitration claim concerning LaBarbera’s activities where the customer sought $1,554,000.00 in damages founded on accusations of fraud and unauthorized trading in the customer’s account. FINRA Arbitration No. 18-04008. According to the claim, the customer’s account was churned by La Barbera between 2013 and 2018.
LaBarbera has also been twice sanctioned by securities regulators for misconduct. He has been barred from associating with any FINRA member according to a National Adjudicatory Panel Decision which contained findings that La Barbera churned and excessively traded the accounts of at least three of his customers at Newport Coast Securities and that LaBarbera provided bad investment advice to customers. Department of Enforcement v. Newport Coast Securities Inc. et al. Compliant No. 2012030564701 (June 25, 2018). LaBarbera violated Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, FINRA Rules 2020 and NASD Rule 2120.
La Barbera’s employment with Titus Rockefeller was terminated on May 23, 2018. He has been associated with at least three securities broker dealers who have been expelled by regulators for violation of federal securities laws or are otherwise defunct.