The law firm of Oakes & Fosher is investigating the alleged misconduct of former securities broker Jason Labelle. According to his publicly available FINRA BrokerCheck report, Jason Labelle has been the subject of a customer dispute.
Jason Labelle was a Massachusetts based securities broker. He worked in the securities industry for ten years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
- Edward Jones (2009-2013)
- Commonwealth Financial Network (2013-2015)
- LPL Financial (2015-2019)
In June 2017, customers alleged that Jason Labelle made material misrepresentations about the terms of a promissory note he recommended. He also allegedly withdrew funds from the customers’ tax deferred accounts without their authorization to purchase the note. According to FINRA, Jason Labelle never provided notice to his member firm that he was going to be soliciting an investment for an outside business transaction. He was officially sanctioned by FINRA in January 2020 for these alleged actions. He was fined $5,000 and was suspended from acting as a securities broker in any fashion for a period of three months.
What Does This Mean?
Promissory notes are contracts that one party issues another in exchange for a loan. The issuing party “promises” to repay the lending party a specific amount–plus interest. Some securities brokers who recommend these products often misrepresent these notes as safe investments. They claim they are safe as the customer is promised a certain amount back from the start, as opposed to purchasing equity where the value can fluctuate depending on the investment’s success. However, many investors are not made aware of the fact that them getting repaid is entirely dependent upon the issuing company’s success. If this company fails and defaults on the note, then the investor has lost their principal investment.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Jason Labelle, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.