FINRA Charges Newport Coast and Five Brokers with Churning
From September 2008 to May 2013, brokers Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo and Donald Barte churned accounts of 24 customers, using margin and risky securities to generate huge commissions, wiping out most of the customers’ capital in the process. Losses amounted to more than $1 million. In addition, those brokers created new account forms for clients that misstated their net worth, investment experience and objectives.
Newport Coast was founded in 2008 when its predecessor firm, Grant Bettingen Inc., was bought by Rubicon Financial Inc. and was managed by several alumni of the failed Brookstreet Securities. Newport Coast has approximately 45 branch offices and 122 registered representatives.
The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.
Related Attorneys: James J. Eccleston