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FINRA Sanctions SoCal Brokers for Failing to Cooperate with Investigations

On June 11, 2019, FINRA barred Richard LaBare aka Rick LaBare, a former broker with Union Capital Company in Rancho Mirage, CA. LaBare (CRD #717987)'s file did not reveal the precise matter under investigation, but did list several previous disclosures, such as his most recent settled customer complaint for recommending unsuitable and aggressive securities, as well as purportedly exposing customers to higher risk by leveraging their account on margin. Morgan Stanley (Palm Desert) wrote that it previously terminated LaBare for selling an unapproved investment without prior notice to the firm.

On August 12, 2019, FINRA's bar against Huntington Beach broker Patrick Owen Devaney, who also previously worked as a representative with Financial West Group in Reno, Nevada, went into effect. FINRA wrote that Devaney (CRD #1305065) similarly failed to respond to a request for information. Devaney has a history of tax liens in his BrokerCheck file. His most recent disclosed outside business activity in Huntington Beach is American P3 Capital, LLC.

FINRA also fined and suspended former Union Capital Company stockbroker Clinton Reece Dunbar, who worked out of the firm's Modesto branch. FINRA wrote that Clint Dunbar (CRD #3072039) failed to respond to FINRA's request for information; IFS Securities discharged Dunbar in October 2015 for failing to obtain approval on "various" variable annuity (VA) transactions. Wells Fargo Advisors previously terminated Dunbar in 2011 based on allegations that he facilitated a loan from a client away from the firm.

If you have invested with a broker whose secretive activities or failure to cooperate with a firm or FINRA investigation has proven harmful to your investments or interests, please call our experienced FINRA arbitration attorneys at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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