Two recent investor complaints detail allegedly unsuitable investment recommendations by Mark Mappa (CRD# 1874503), a broker and an investment advisor...Read More
Jeff LaBelle: 6-Figure REIT Complaints Against Gulf Coast Advisor
Sarasota, Florida financial advisor Jeff LaBelle (CRD# 1547518) has received more than two dozen investor complaints that either are pending or reached settlements. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that he is an investment advisor with Kovack Securities, doing business as Gulf Coast Advisors.
Mr. LaBelle’s BrokerCheck report discloses 15 pending investor complaints. The most recent, filed in 2022, alleges that as a representative of First Allied Securities, he recommended unsuitable investments, breached contract, breached his fiduciary duty, and engaged in negligence. The pending complaint alleges damages of $150,000. Another pending 2022 complaint alleges he made unsuitable investment recommendations involving real estate investment trusts, seeking damages of $245,000. Other pending suitability complaints filed in 2021 and 2022 allege damages of $300,000, $230,000, $150,000, and $100,000.
Then there are the 10 investor complaints disclosed on his BrokerCheck report that reached settlements. A complaint filed in 2020, for instance, alleged that as a representative of First Allied Securities, he recommended unsuitable real estate investments, conducted inadequate due diligence, failed to supervise, engaged in negligence, and breached his fiduciary duty. The complaint reached a settlement of $76,200. Another 2020 complaint alleged breach of fiduciary duty, violation of FINRA rules, breach of contract, and negligence, reaching a settlement of $105,000. A third 2020 complaint alleged that while at First Allied Securities, he made unsuitable investment recommendations, breached his fiduciary duty, and breached contract. The complaint reached a settlement of $60,000.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Jeff LaBelle holds 33 years of securities industry experience. Based in Minneapolis, he has been a representative of Kovack Securities since 2020, doing business as Gulf Coast Advisors. His past registrations include LPL Financial, First Allied Securities, Woodbury Financial Services, Next Financial Group, SII Investments, Sentra Securities Corporation, Intersecurities, Morgan Keegan & Company, Legacy Financial Services, WMA Securities, Omni Financial Securities, Painewebber, Dean Witter Reynolds, and Merrill Lynch. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds no licenses as a broker; he is licensed as an investment advisor in Florida. (Information current as of June 16, 2022.)
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