Investors File Claim Against First Allied Securities For Negligence
Jeffrey Guy Labelle of Sarasota Florida a stockbroker employed by First Allied Securities Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought $250,000.00 in damages founded on accusations of (1) negligent supervision of the stockbroker (2) breach of a contract pertaining to the customer’s investments (3) violation of a fiduciary duty by Labelle and (4) bad advice by the stockbroker regarding real estate securities during the time that he was employed by First Allied Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01007 (Feb. 18, 2020).
Labelle has been referenced in five more customer initiated investment related disputes concerning accusations of his improprieties when he was associated with securities broker dealers including SII Investments Inc., Woodbury Financial Services Inc., Next Financial Group Inc., and First Allied Securities. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim in reference to Labelle’s conduct was resolved for $62,000.00 in damages based upon accusations of unsuitability relating to a real estate investment trust and preferred stock in an energy company. According to the claim, there was a breach of contract and a breach of a fiduciary duty owed to the customer by Labelle. The claim also alleges that misrepresentations were made to the customer.
Another customer initiated investment related complaint involving Labelle’s conduct was settled to resolve allegations that the customer’s assets were invested in inappropriate investments including real estate investment trust and annuity products because of Labelle’s actions at Woodbury Financial Services. Labelle is also referenced in a customer initiated investment related complaint on May 25, 2017 where the customer sought at least $15,000.00 in damages founded on accusations of fraudulent representations being made to the Woodbury Financial Services customer as it pertained to Labelle’s sale of an equity indexed annuity.
On April 12, 2019, another customer filed an investment related arbitration claim involving Labelle’s conduct in which the customer requested $110,000.00 in damages based upon allegations including breach of contract and breach of fiduciary duty as well as negligence and unsuitable recommendations by Labelle which resulted in the First Allied Securities customer’s unwarranted losses. FINRA Arbitration No. 19-01007. Also, a customer filed an investment related arbitration claim involving Labelle’s conduct in which the customer requested $49,000.00 in damages based upon allegations of the customer being placed into inappropriate real estate security products by Labelle. The claim also alleges that Labelle was negligent and breached his fiduciary duty to the customer. According to the claim, the customer’s transactions were not reasonably supervised by First Allied Securities.
Labelle’s registration with First Allied Securities has been terminated as of July 27, 2018. He was associated with LPL Financial LLC from July 23, 2018 to December 26, 2019.