Jason Harris Klabal, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim on December 8, 2016, in which the customer requested $200,000.00 in damages based upon allegations of breach of contract, negligence, breach of fiduciary duty, churning and misrepresentation regarding equity transactions effected in the customer’s account. FINRA Arbitration No. 16-03549 (Dec. 8, 2016).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Klabal has also been identified in a customer initiated investment related arbitration claim in which the customer sought $20,000.00 in damages supported by allegations of churning, over-concentration, breach of contract, breach of fiduciary duty, negligence, and fraud in regard to the customer’s over-the-counter equity transactions. FINRA Arbitration No. 16-03029 (Dec. 22, 2016)
In addition, a customer was awarded $41,566.73 in damages according to an investment related arbitration claim, where Klabal was found to have negligently serviced the customer’s investment account, made unsuitable investment recommendations to the customer, charged the customer with excessive commissions, and churned the customer’s account relating to options and equipment leasing products. FINRA Arbitration No. 14-01705 (July 8, 2015). Legend Securities, Inc. was found liable for the failure to supervise Klabal’s activities.
Klabal’s employment with Legend Securities, Inc. was terminated on July 18, 2016. Legend Securities, Inc. has been expelled by FINRA as of April 17, 2017, based upon allegations that the firm failed to pay fines totaling $78,879.37 relating to FINRA Case No. 2010022592101 (Feb. 10, 2016), in which the firm was censured and fined $125,000.00 by consenting to findings that the firm, inter alia, failed to supervise operations to ensure that securities transactions effected by the firm complied with Securities Act Section 5; conduct violative of FINRA Rules 2010 and NASD Conduct Rules 3010(a) and 3010(b).
Following Klabal’s departure from Legend Securities, Inc., he was employed with Alexander Capital, L.P. from June 16, 2016 to April 18, 2017.
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