Jason C. LaBelle of Pittsfield Massachusetts a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that he failed to comply with FINRA when he was under investigation for violating the terms of a 2020 disciplinary action against the stockbroker. Letter of Acceptance Waiver and Consent No. 2021070364101 (July 23, 2021).
According to the AWC, LaBelle was under FINRA investigation in 2021 for potentially violating terms associated with resolving the regulator’s January 14, 2020 disciplinary action against him. The regulator asked LaBelle to provide documents and information. However, LaBelle’s lawyer informed FINRA on July 9, 2021 that LaBelle would not provide anything in return. The stockbroker violated FINRA Rules 2010 and 8210 for failing to comply in the investigation.
The prior disciplinary action concerns the stockbroker being fined $5,000.00 and suspended for three months by FINRA founded on findings of him engaging in outside business activities. Letter of Acceptance Waiver and Consent No. 2017055192701 (Jan. 14, 2020). FINRA found in this instance that from February of 2016 to May of 2017, LaBelle took part in a real estate development project, performing work as an independent contractor for a company that bought a residential lot to develop into customer homes.
The regulator stated that LaBelle’s customers financed that real estate company. LaBelle did marketing for the company and corresponded with real estate agents for sales. The stockbroker never informed LPL Financial about the outside business activity and instead falsely stated in compliance questionnaires that he had disclosed every outside business activity. LaBelle violated FINRA Rules 2010 and 3270 for this reason.
LaBelle has been identified in three customer initiated investment related disputes concerning accusations of his wrongdoing while he was employed by Edward Jones. FINRA Public Disclosure reveals that a customer filed an investment related complaint regarding LaBelle’s activities in which the customer sought compensatory damages supported by allegations that they had been overcharged on trades and were not made aware of transfers before they took place.
LaBelle is also referenced in a customer initiated investment related written complaint where the customer requested more than $5,000.00 in damages based upon accusations of poor performance relating to unit investment trust purchases at Edward Jones. Another customer filed an investment related complaint involving LaBelle’s conduct in which the customer sought $23,000.00 in damages founded on allegations of undue tax consequences on the liquidation of the customer’s account.
The stockbroker was registered with LPL Financial between June 30, 2015 and December 20, 2019.
