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Jeffrey Labelle Formerly With LPL Financial and First Allied Securities Has Had 12 Customer Complaints For Alleged Broker Misconduct

Who is Jeffrey Labelle Formerly With LPL Financial And  First Allied Securities?

Jeffrey Guy Labelle who is currently registered with Kovack Securities and Gulf Coast Wealth Advisors located in Sarasota, Florida is a subject of one of our many securities industry sales practice abuse investigations.  Prior to Kovack Securities, he was registered with LPL Financial, First Allied Securities and thirteen (13) other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Jeffrey Labelle Broker Misconduct

In his career, Mr. Labelle has been the subject of twelve (12) customer complaints that we know about, nine (9) of those complaints were filed in the last two years. Three of those customer complaints were settled in favor of investors. There are currently eight (8) pending customer complaints filed against Mr. Labelle’s former employers, LPL Financial or First Allied Securities, for his alleged misconduct. One complaint was withdrawn.

Allegations Against Jeffrey Labelle

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints are as follows:

  • Claimants allege that their financial advisor recommended investments that were not suitable for them.  Claimants generally alleged misrepresentation, negligence, and breaches of duty and contract.
  • Claimants allege over-allocation in illiquid investments.
  • Claimant alleges that financial advisor recommended unsuitable investments.  Claimant generally alleges breach of fiduciary duty and negligence.
  • Claimant alleges former representative recommended alternative investments that were not suitable for them.  Claimant generally alleges, fraud, breach of fiduciary duty, failure to supervise and negligence.
  • Claimant alleges his former financial advisor recommended investments that were not suitable for him.  Claimant generally alleges breach of fiduciary duty, breach of contract and negligence.
  • Customers allege breach of fiduciary duty, negligence, unsuitable sales, breach of contract, and misrepresentation in the sale of private REITs and private preferred stock of an oil and gas corporation.

Jeffrey Labelle Red Flags & Your Rights As An Investor

Of course, Mr. Labelle did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Mr. Labelle at Kovack Securities, LPL Financial, and First Allied Securities on alert to review carefully the activity and performance of their accounts and question whether Mr. Labelle has engaged in any stockbroker misconduct that caused their investment losses. The large number of customer complaints at his former employers also raises questions about LPL Financial and First Allied Securities supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At LPL Financial And First Allied Securities

If you have questions about LPL Financial, First Allied Securities and/or Mr. Labelle and the management or performance of your accounts please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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