Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Ex-LPL Financial Broker Jason LaBelle Suspended, Fined $5,000
Former Pittsfield, Massachusetts broker Jason LaBelle (CRD# 5654529) has been sanctioned by the Financial Industry Regulatory Authority in connection to allegations he engaged in undisclosed outside business activities. Formerly a representative of LPL Financial, LaBelle was issued a three-month suspension and a fine of $7,500.
According to a Letter of Acceptance, Waiver and Consent (No. 2017055192701) dated January 2020, Jason LaBelle was associated with LPL Financial when, between February 2016 and May 2017, he engaged in activities connected to a real estate development project without notifying his firm in advance, even though the activities were “outside the scope of his relationship with the firm,” and FINRA rules required that no registered persons engage in outside business activities without providing their firms with prior written notice. His activities in question included “work as an independent contractor on behalf of a corporation that had purchased a 13-acre lot in order to develop 19 custom homes.” FINRA’s findings state that the corporation had been formed by LaBelle’s mother and that one of his brokerage customers had provided financing. His activities as an independent contractor included meetings with real exchange agents to hold discussions about the sales of homes, and exchanging emails with real estate agents about the development’s progress. He did not give LPL Financial any prior notice regarding his intention to engage in the activity, according to FINRA, and additionally “falsely confirmed that he had fully disclosed his outside business activities” on two separate annual compliance questionnaires which he submitted to the firm. FINRA found that these undisclosed outside business activities constituted violations of FINRA Rules 3270 and 2010. As a result of the foregoing alleged conduct, he was suspended from associating with any FINRA member firm for three months. He was also ordered to pay a fine of $5,000.
Jason LaBelle is currently not registered as a broker. His previous registrations include LPL Financial, Commonwealth Financial Network, and Edward Jones, all in Pittsfield, Massachusetts. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 20, 2020.)