Newport Coast Securities Inc. a former Financial Industry Regulatory Authority (FINRA) member brokerage firm headquartered in New York New York and stockbrokers Douglas Anthony Leone and Andre V. La Barbera are subject of a FINRA National Adjudicatory Council Decision which affirmed FINRA’s Extended Hearing Panel’s findings that (1) the firm and its stockbrokers churned customer accounts (2) misrepresentations had been made concerning a customer’s account values and (3) the firm neglected to supervise the stockbrokers’ activities in customers’ accounts. In the Matter of Department of Enforcement v. Newport Coast Securities Inc. No. 2012030564701 (May 23, 2018).
Newport Coast Securities, Leone and La Barbera were subject of a FINRA Extended Hearing Panel Decision on October 17, 2016 which contained findings of churning and excessive trading in customer accounts. Newport Coast Securities and La Barbera were additionally found by the Hearing Panel to have recommended investments on a qualitatively unsuitable basis. Moreover, the Hearing Panel concluded that the activities of stockbrokers had not been adequately supervised by the firm.
Consequently, Newport Coast Securities had been expelled by the Hearing Panel and assessed a $1,000,000.00 fine. La Barbera was fined $125,000.00 and barred by FINRA in all capacities, while Leone was fined $400,000.00 and barred in all capacities. FINRA’s National Adjudicatory Council affirmed FINRA’s Hearing Panel’s barring of La Barbera and Leone and expulsion of Newport Coast Securities.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, or other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
