FINRA

Respondent LaBare failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All capacities

Indefinite

6/11/2019

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated March 8, 2019, and April 1, 2019, respectively, on June 11, 2019, LaBare is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

CLAIMANTS ALLEGE THAT MR LABARE RECOMMENDED UNSUITABLE AND AGGRESSIVE SECURITIES DISREGARDING HIS LEGAL DUTIES AND RESPONSIBILITIES TO THE CLAIMANTS, AS WELL AS, LEVERAGING THEIR ACCOUNT ON MARGIN, EXPOSING THEM TO HIGHER RISK

$400,000.00

$15,000.00

MORGAN STANLEY & CO. INCORPORATED

Discharged

MR. LABARE WAS TERMINATED FOR SELLING AN UNAPPROVED INVESTMENT FOR COMPENSATION TO A CLIENT OF THE FIRM WITHOUT PRIOR NOTICE TO THE FIRM.

I DISCUSSED SEVERAL ANNUITY INVESTMENT ALTERNATIVES WITH A CLIENT. SHE DECIDED ON HER OWN TO INVEST IN AN ANNUITY THAT WAS NOT APPROVED IN MORGAN STANLEY NOR WHICH I WAS APPOINTED TO SELL. I DID NOT ASSIST THIS CLIENT IN MAKING THE INVESTMENT NOR DID I RECEIVE COMPENSATION FROM ANYONE.

CA RESIDENT EXPRESSES CONCERN THAT SHE UNDERSTOOD THAT SHE WOULD RECEIVE A 6% RETURN ON HER MET LIFE VARIABLE ANNUITY PURCHASED IN AUGUST OF 2003. CLIENT HAS REQUESTED CANCELLATION OF THE POLICY WITHOUT PENALTY. NO SPECIFIED DAMAGES, SURRENDER PENALTY $5,056.88.

$5,056.88

IN A LETTER, CUSTOMERS STATE THAT THEY ARE "CONFUSED AND ALARMED AT THE AMOUNT OF TRANSACTIONS" IN THEIR ACCOUNT, AND IN PARTICULAR THEY ARE "CONCERNED WITH THE NUMBER OF PURCHASES AND EXCHANGES" MADE IN 1999 AND 2000. THE FINANCIAL ADVISOR HAD TOLD THEM THAT THERE WOULD NOT BE A LOT OF COMMISSION COSTS BUT THEY ARE CONCERNED ABOUT MUTUAL FUND SALES CHARGES. DAMAGE AMOUNT UNSPECIFIED.

CLIENT ALLEGES THE BROKER EMPLOYED A "GROSSLY INAPPROPRIATE INVESTMENT STRATEGY AND A SIGNIFICANT OVERCHARGE OF FEES.

$1,800,000.00

MATTER IS PENDING.

ALLEGED UNSUITABLE INVESTMENT RECOMMENDATIONS.

$196,000.00

$160,000.00

THREE MEMEBER ARBITARTION PANEL AWARDED CLAIMANT $160,000.00 JOINTLY AND SEVERALLY AGAINST PSI AND MR LABARE.

THE CLIENT, [CUSTOMER] MADE NO ALLEGATIONS AGAINST MR. LABARE

$86,359.94

$86,359.94

THE CLIENT'S ACCOUNT ([CUSTOMER] ESTATE FBO [CUSTOMER]) WAS REIMBURSED FOR LOSSES WHICH OCCURRED IN IT, IN THE AMOUNT OF $86,359.94. THE BROKER (LABARE) WILL FULLY CONTRIBUTE TO THE REIMBURSEMENT DURING A REGULAR REVIEW BY THE FIRM OF CLIENT ACCOUNTS, THE BRANCH MANAGER DISCOVERED A DECLINE OF APPROXIMATELY $80,000 IN THE ACCOUNT OF THE [CUSTOMER] ESTATE ACCOUNT FBO [CUSTOMER]. A FURTHER REVIEW DETERMINED THAT THE BROKER (LABARE) WAS ALSO THE RUSTEE OF THE ACCOUNT. DUE TO THE FACT THE BROKER WAS ALSO THE TRUSTEE, AND DUE TO THE PRECIPTIOUS DECLINE ON THE ACCOUNT VALUE, THE FIRM DECIDED TO REIMBURSE THE CLIENT.

FRAUD, NEGLIGENT MISREPRESENTATION, BREACH OF CONTRACT, CONCEALMENT PROMISE MADE WITHOUT INTENT TO PERFORM, BAD FAITH DENIAL OF CONTRACT AND NEGLIGENCE. ALLEGED DAMAGES $108,000.

$108,000.00

$30,000.00

BEFORE GOING TO TRIAL, IT WAS MUTUALLY AGREED WITH THE OFFICE OF THE GENERAL COUNSEL AND THE PLAINTIFF COUNSEL, WITHOUT ADMITTING ANY FAULT OR WRONGDOING, TO SETTLE THIS MATTER FOR $30,000. SHEARSON LEHMAN HUTTON PAID TOTAL SETTLEMENT Not Provided