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CFP Board Suspends California's Michael Altobell & Richard LaBare

Previously barred by regulators, Paragon Portfolio Management (Roseville, CA)'s Michael James Altobell and Union Capital (Rancho Mirage) broker Richard LaBare received suspensions from the Certified Financial Planner Board of Standards.

The State of California Department of Business Oversight barred Michael Altobell (CRD #2576170) in 2018 for unauthorized trading and accessing client accounts without prior authorization through his company Paragon Portfolio Management. Altobell allegedly breached his fiduciary duties by recommending unsuitable investments and guaranteeing a client a specific result, which is against the rules.

The state regulator charged Altobell with violating laws related to participation in a fraudulent, deceptive, or manipulative act and engaging in multiple forms of market manipulation including cross-trading, front-running, and closing on the market.

FINRA barred Richard Rick LaBare (CRD #717987) in 2019 after he failed to respond to requests for information and the current CFP Board decision formalizes LaBare's expulsion from its ranks. LaBare's file lists several past disclosures, including a settled customer dispute in 2010 alleging unsuitable and aggressive securities recommendations and exposure to higher risk by leveraging an account on margin.

At the time of the settlement, LaBare was associated with Union Capital Company of Rancho Mirage, which is the same firm he remained registered with until FINRA's investigation in 2019.

Prior employer Morgan Stanley (Palm Desert) terminated broker LaBare in 2008 for selling an unapproved investment while additional disputes filed against LaBare dating back to 1988, since settled, alleged fraud, negligent misrepresentation, and a $160,000 arbitration award for unsuitable investment recommendations.

If you have invested with Michael J Altobell, Richard LaBare or with any broker or financial adviser whose unsuitable recommendations in risky securities or manipulative behavior including guarantees and promises in contravention of industry rules have proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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