Despite Rule Change, FINRA’s BrokerCheck Tags No ‘Restricted’ Firms?
Nine months after FINRA began ...
20 June, 2024 No commentCraig Zabala (Craig Anthony Zabala) was a registered broker with John W. Loofburrow Associates, Inc. and the founder and chairman of The Concorde Group, Inc. Craig Zabala was barred from acting as a broker or otherwise associating with a broker-dealer firm by FINRA in 2019. Peiffer Wolf is currently investigating Craig Zabala of The Concorde Group, Inc. and John W. Loofburrow Associates, Inc.
According to the U.S. Securities and Exchange Commission (SEC) website, “between February 2015 and August 2019, Zabala raised approximately $4.38 million from 17 investors throughout the United States, purportedly to develop Concorde into a merchant bank for mid-sized companies and to invest in affiliate entities. As alleged in the complaint, Zabala misrepresented to investors that Concorde had raised more than $24 million and was close to completing a $25 million offering.”
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr Kane & Conway has represented thousands of victims, and we remain committed to fighting on behalf of investors.
According to FINRA’s BrokerCheck website for Public Disclosures, Craig Zabala is the subject of 2 disclosures. In addition to being barred from the industry by FINRA in August 2019, Zabala is currently facing a civil suit brought by the Securities and Exchange Commission (SEC). According to the SEC’s allegations, “After obtaining investments in Holdings, Zabala promptly misappropriated approximately $3.17 million — or 72% — of the investor funds. Specifically, he misused approximately $1.97 million for his and McCarthy’s personal use and another approximately $1.2 million to make Ponzi-like payments to the investors of Holdings’ parent company, Concorde Group, Inc.”
To review Craig Zabala’s Brokercheck report, click here:
https://brokercheck.finra.org/individual/summary/2740680
Contact Peiffer Wolf Carr Kane & Conway today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.
Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Prior to John W. Loofburrow Associates, Inc., Zabala had been a registered broker with Torisello Securities Inc., Intercoastal Financial Services Corp., Independent Securities Investors Corp., Brean Murray & Co., Allmerica Investments, Inc., Trautman Wasserman & Company, Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorp.FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org.
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23 May, 2024 No commentInformation about this broker was obtained from FINRA’s BrokerCheck on March 11, 2022. You should always review the broker’s BrokerCheck report for updated information. If you believe some of the content on this page does not reflect the report, contact us.
Peiffer Wolf is currently investigating claims for anyone who has invested with Craig Zabala. Contact Us Today by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation.