Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Vincent Labarbara (Labarbara), currently associated with Network 1 Financial Securities Inc., has at least one disclosable event. These events include one tax lien, alleging that Labarbara recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on December 30, 2024.
5,000 and suspended from association with any FINRA member in all capacities for two months. Without admitting or denying the findings, LaBarbara consented to the sanctions and to the entry of findings that he entered into a lending arrangement with one of his customers without providing notice to or obtaining prior written approval from his member firm. The findings stated that one of LaBarbara’s customers, who was a long-time friend and real estate lawyer, offered to assist LaBarbara with a home purchase. LaBarbara’s customer obtained a mortgage, the funds of which were used to make the home purchase on LaBarbara’s behalf. In return, LaBarbara agreed to make all payments due on the customer’s mortgage. LaBarbara’s customer transferred title to the house to LaBarbara after about two years and the amount due on the mortgage was approximately $300,000. LaBarbara has timely made all payments due on the mortgage.
