Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, Brokers with Newport Coast Securities- Suspected Churning

Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, Allegedly Excessively Traded and Churned Customers’ Accounts

Newport Coast Securities and five of its brokers, Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, allegedly excessively traded and churned twenty-four customers’ accounts, according to a FINRA documents currently under review by Peiffer Rosca Wolf attorneys.

The alleged misconduct by Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt should have drawn scrutiny and been stopped by supervisors at Newport Coast Securities, according to FINRA documents under review.  Some red flags to the alleged excessive trading and churning include: cost/equity ratios that often exceeded ten percent, turnover rates that were typically over one hundred percent, and that there were extraordinary amounts of in-and-out trading.

Finally, the classic telltale sign of the alleged churning was that practically all of the customer accounts at issue in the matter incurred substantial losses. Due to alleged lacking supervision such alleged misconduct was allowed to continue by stockbrokers, Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt.

Stockbroker misconduct, such as the type alleged with the Newport Coast’s brokers, can include excessive activity or churning. Securities brokers are typically compensated by each transaction executed in a customer’s securities account. Crafty brokers can greatly boost the number of transactions in a customer’s account, in an effort to generate excessive commissions for themselves and their firm. Such conduct is called churning.

Newport Coast Securities Allegedly Failed to Supervise

Newport Coast Securities designated supervisors and compliance department personnel allegedly failed to supervise Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, according to FINRA documents currently under review by Peiffer Rosca Wolf attorneys.

Newport Coast Securities Designated Supervisors and Compliance Department Personnel were allegedly repeatedly made aware of the brokers’ alleged misconduct through numerous types of exception reports. However, the department allegedly failed to act, according to FINRA documents. The factual findings were neither consented to, nor denied.

The alleged failure of Newport Coast Securities Designated Supervisors and Compliance Department Personnel to adequately supervise the firm’s brokers allegedly resulted in five of its brokers, Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, Donald Bartelt, allegedly excessively trading and churning customers’ accounts.

Peiffer Rosca Wolf Lawyers Investigating

The attorneys of Peiffer Rosca Wolf are currently investigating allegations against brokerage firms including Newport Securities and affiliated investment professionals for various forms of alleged securities and investment misconduct, including excessive trading, churning, unsuitable investment recommendations, and failure to supervise.

The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of unsuitable excessive trading and churning. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of unsuitable excessive trading and churning may contact the investor rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1157 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.