24-year career ends amid allegations of breach of fiduciary duty and negligence
Allegations made against John Labarca, a broker that was formerly employed by National Securities Corporation in New Jersey, include executing unauthorized transactions, breach of fiduciary duty and acting negligently.
FINRA requested that he provide information and documentation in connection with their investigation of the allegations made against him, but Labarca refused to respond or cooperate with the request. As a result, he was permanently barred from the industry.
Allegations against Labarca date back to 2006, when a customer accused him of unauthorized trading, which occurs when a broker purchases or sells securities in a non-discretionary customer account without prior authorization from the customer. That complaint was settled for $50,000. And although he continued to work in the industry for many years, Labarca has amassed numerous complaints, disputes, and regulatory actions.
His employment history includes working for various New York firms including Oppenheimer and Company from 1991-97, Gruntal and Company from 1997-2002, Ryan Beck and Company from 2002-06, Wells Fargo Advisors from 2006-10 and most recently at National Securities Corporation in Edison, New Jersey from 2010 to 2016.
If you’ve done business with John Labarca and have lost money as a result of your relationship with him, you may be able to recover some or all of your losses. For more information about his record or the allegations made against him, review his BrokerCheck report, which is provided at no cost by the FINRA.
We represent the interest of investors who are victims of investment fraud. If you have questions about your legal rights or need help, please contact Scott Silver of the Silver Law Group at ssilver@silverlaw.com or by calling toll free (800)-975-4345 for a free consultation.