National Securities Corp. ordered to pay investor over $500,000.
In July, 2016, a three member FINRA arbitration panel sitting in Houston, TX issued a $500,000 binding arbitration award against National Securities Corp and registered rep John Labarca..
The underlying matter involved allegations that National Securities Corp and John Labarca breached their fiduciary duty, were negligent, engaged in unauthorized trading and churning, violated the Texas Securities Act and failed to supervise in relation to the excessive trading in risky, speculative stocks, including Cree Corp, Monster Beverage and salesforce.com.
After a four day arbitration hearing in July, 2016, the arbitration panel rendered their decision and awarded the customers over $500,000 including $140,000 in attorney’s fees.
As a result of this award The Law Office of David Liebrader has opened an investigation into National Securities Corp and John Labarca.
National Securities Corp’s broker check report lists fifteen customer complaints and sixty one regulatory investigations.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. National Securities Corp and John Labarca had thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with National Securities Corp and John Labarca please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.