The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Jeffrey Labelle. According to his publicly available FINRA BrokerCheck report, Jeffrey Labelle had been the subject of multiple customer disputes over the course of his career.
Jeffrey Labelle was a Florida-based securities broker who worked in the securities industry for thirty years. During his career, he was registered with fifteen different securities firms.
- Dean Witter Reynolds (1987-1990/1991-1991)
- Merrill Lynch, Pierce, Fenner & Smith (1989-1991)
- Painwebber Incorporated (1992-1993)
- Omni Financial Securities (1993-1995)
- WMA Securities (1996-1997)
- Legacy Financial Services (1997-1999)
- Morgan Keenan & Company (1999-2002)
- Intersecurities (2002-2004)
- Sentra Securities Corporation (2004-2005)
- Sii Investments (2005-2007)
- Next Financial Group (2007-2010)
- Woodbury Financial Services (2009-2012)
- First Allied Securities (2012-2018)
- LPL Financial (2018-2019)
- In February 2010, customers alleged that Jeffrey Labelle had breached his fiduciary duty, recommended unsuitable investments, and made material misrepresentations in the sale of private REITs and private preferred stock of an oil and gas corporation. This case was settled for $62,000 in damages.
- In April 2019, a customer alleged that Labelle had recommended unsuitable investments, breached his fiduciary duty, and managed his account negligently. This case is currently pending, and the customer is seeking $110,000 in damages.
- In November 2019, a customer alleged that Labelle had recommended unsuitable investments, breached his fiduciary duty, and managed her account negligently. This case is currently pending, and the customer is seeking $49,000 in damages.
- In February 2020, a customer alleged that Labelle had recommended unsuitable investments, breached his fiduciary duty, and managed her account negligently. This case is currently pending, and the customer is seeking $250,000 in damages.
- In April 2020, a customer alleged that Labelle had breached his fiduciary duty, violated FINRA rules, and managed their account negligently. This case is currently pending, and the customer is seeking $300,000 in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Jeffrey Labelle can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
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 due to this fraud or negligence 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 Jeffrey 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.