Craig Anthony Zabala of Harlem, New York, a stockbroker registered with John W. Loofbourrow Associates Inc. (and President and CEO of Concorde Group Holdings Inc.), has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or an investment advisor representative because Zabala committed fraud. In the Matter of Craig A. Zabala, Order Instituting Administrative Proceedings, File No. 3-20233 (February 24, 2021).
Prior to the SEC Order, Zabala was enjoined from future violations of federal securities laws. Securities and Exchange Commission v. Zabala, et al., Civil Action No. 20-CV-7880 (S.D.N.Y. February 3, 2021). SEC alleged that Zabala misrepresented funds raised by Concorde Group Holdings in connection with the sale of stock and notes. Also, SEC alleges that investor funds were misappropriated by Zabala.
Also, prior to the SEC Order, Zabala pled guilty to one count of conspiracy to commit wire fraud and securities fraud. United States v. Zabala, Criminal Action No. 20-cr-564 (S.D.N.Y. October 22, 2020).
Zabala has been barred from associating with any FINRA member in any capacity because Zabala failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2019061086301 (August 27, 2019).
According to the AWC, on May 17, 2019, FINRA sent Zabala a request for the production of information and documents concerning his potential outside business activities and private securities transactions. On June 14, 2019, Zabala provided an incomplete response to FINRA’s request. On July 30, 2019, he indicated to FINRA that he was unwilling to provide the remaining information and documents at any time. Therefore, Zabala violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Zabala is also referenced in a customer initiated investment related complaint filed on October 22, 2020, in which the customer requested $800,000.00 in damages based upon allegations that the customer was defrauded in connection with the sale of private placements.
Zabala was associated with John W. Loofbourrow Associates Inc. in Harlem, NY, from February of 2015 to April of 2019.
