FINRA Names Seven Financial Advisors Registered with Newport Coast Securities, Inc. (including Donald Andrew Bartelt) as Respondents in Complaint
Donald Andrew Bartelt (Cave Creek, Arizona) and six other respondents from across the country registered with Newport Coast Securities, Inc. were named respondents in a FINRA complaint alleging that the firm, Bartelt, Constanzo, LaBarbera, Leone and Levy excessively traded and churned customers’ accounts. The complaint alleges that the misconduct should have quickly drawn scrutiny, and been stopped, because of obvious unusual account activity. The complaint alleges that the firm, Bartelt, Constanzo, LaBarbera, Leone and Levy engaged in a manipulative, deceptive and fraudulent scheme by churning the accounts of customers and acted with intent to defraud and/or with reckless disregard of their customers’ interests. To read the entire report, see page 31 here.