Justin Charles Lasalla Audit (2023) – A Scam or Legit Broker?

Justin Charles Lasalla  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Justin Charles Lasalla.

BrokerComplaints.com is currently investigating allegations related to Justin Charles Lasalla. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

About Justin Lasalla

Justin Charles Lasalla is an Investment Adviser. Justin Charles Lasalla’s Central Registration Depository (CRD) number is 4370421 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/4370421.

Click here to download a Detailed Audit Report for Justin Charles Lasalla.

Justin Charles Lasalla has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

Accusations and Disclosures

You can find below, a quick snapshot of Justin Charles Lasalla’s regulatory actions, arbitrations, and complaints.

DISCLOSURE 1 – 

• Event Date: 6/27/2016
• Disclosure Type: Judgment / Lien
• Disclosure Resolution:
• Disclosure Detail :: Judgment/Lien Amount: $5,994.97
• Judgment/Lien Type: Tax

DISCLOSURE 2 – 

• Event Date: 5/29/2015
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: New York State Department of Financial Services
• Allegations: (a) he provided materially incorrect and untrue information within the meaning of Section 2110(a)(2) of the Insurance Law in his original application. for a life broker’s license pursuant to Section 2104(b)(1)(A) of the Insurance Law, submitted on or about September 24, 2012, in that Respondent failed to disclose that he was the subject of administrative actions taken by the States of Washington and Colorado on or about August 26, 2008 and October 7,2008 and that he had an outstanding tax obligation; (b) Respondent, while previously licensed failed to notify the department that he was subject of a criminal prosecution with thirty days of initial hearing date, in violation of section 2110(j) of the insurance law; and (c) during the approximate period December 2012 through August 2013, Respondent, while previously licensed, failed to respond to Department investigatory letters, thereby hampering and impeding the Department’s investigation.
• Resolution: Stipulation and Consent
• Sanction Details :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Sanction Details :: Amount: $3,000.00

DISCLOSURE 3 – 

• Event Date: 1/16/2015
• Disclosure Type: Judgment / Lien
• Disclosure Resolution:
• Disclosure Detail :: Judgment/Lien Amount: $30,643.12
• Judgment/Lien Type: Civil

DISCLOSURE 4 – 

• Event Date: 3/24/2013
• Disclosure Type: Criminal
• Disclosure Resolution: Final Disposition
• Disclosure Detail :: Criminal Charges :: Charges: ASSAULT IN THE SECOND DEGREE, CLASS D FELONY, 120.05 02 HAS BEEN CONVERTED ON 7/8/2013 TO A MISDEMEANOR. THE HIGHEST CHARGE FACED IS NOW A MISDEMEANOR CHARGE OF NY PENAL 120.00(1). GUILTY PLEA ACCEPTED FOR MISDEMEANOR CHARGE CLASS A OF NY PENAL 120.00(1) ON 2-18-2014.
• Disposition: Amended
• Amended Charges: ASSAULT IN THE SECOND DEGREE, CLASS D FELONY, 120.05 02 HAS BEEN CONVERTED ON 7/8/2013 TO A MISDEMEANOR. THE HIGHEST CHARGE FACED IS NOW A MISDEMEANOR CHARGE OF NY PENAL 120.00(1).GUILTY PLEA ACCEPTED ON 2-18-2014 FOR MISDEMEANOR CHARGE CLASS A OF NY PENAL 120.00(1). FINE PAID 2-18-2014.
• Amended Charge Type: MISDEMEANOR
• Amended Charge Disposition: Pled guilty
• Broker Comment: FELONY CHARGE CONVERTED ON 7/8/2013 TO A MISDEMEANOR. PLEA ACCEPTED FOR MISDEMEANOR CHARGE CLASS A OF NY PENAL 120.00(1) ON 2/18/2014. MULTIPLE TRIPS NEEDED TO NASSAU COUNTY, NY TO DEFEND MYSELF AND HIGH LEGAL BILLS WERE THE CATALYST IN ACCEPTING THE PLEA DEAL. IT MAY HAVE COST OVER $10,000 IN LEGAL FEES TO BRING THIS CASE TO TRIAL AND PROPERLY DEFEND MYSELF IN COURT. I AM GLAD TO MOVE FORWARD WITH MY LIFE.

DISCLOSURE 5 – 

• Event Date: 5/27/2009
• Disclosure Type: Customer Dispute
• Disclosure Resolution: Denied
• Disclosure Detail :: Allegations: UNAUTHORIZED TRADES, UNAUTHORIZED USE OF MARGIN
• Damage Amount Requested: $62,000.00
• Broker Comment: I WAS ONLY THE ACCOUNT OPENER ON THIS ACCOUNT NEVER SPOKE OR TRADED WITH THE CLIENT SINCE. REGARDLESS THE CLIENT ALLEGED UNAUTHORIZED TRADING AND USE OF MARGIN WHICH WE WERE ABLE TO PROVE FALSE THROUGH PRODUCTION OF PHONE RECORDS AND THE CLIENTS SIGNED MARGIN AGREEMENT. THE CLAIM WAS DENIED.

DISCLOSURE 6 – 

• Event Date: 11/13/2008
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: WASHINGTON
• Allegations: ON NOVEMBER 13, 2008, THE SECURITIES DIVISION ENTERED INTO A CONSENT ORDER WITH JUSTIN C. LASALLA (LASALLA). THE DIVISION HAD ENTERED A STATEMENT OF CHARGES ON AUGUST 26, 2008 WHICH ALLEGED THAT LASALLA FAILED TO DISCLOSE ON HIS SECURITIES SALESPERSON APPLICATION, FORM U-4, THAT HE HAD FILED A BANKRUPTCY PETITION IN JULY 2007. THE STATEMENT OF CHARGES FURTHER ALLEGED THAT LASALLA MADE A FALSE FILING WITH THE SECURITIES DIVISION BY FILING AMENDMENTS TO HIS SALESPERSON APPLICATION WHICH STATED THAT HE HAD NOT FILED BANKRUPTCY. LASALLA NEITHER ADMITTED NOR DENIED THE FINDINGS OF FACT AND CONCLUSIONS OF LAW IN ENTERING INTO THE CONSENT ORDER. PURSUANT TO THE TERMS OF THE CONSENT ORDER, LASALLA AGREED TO A SUSPENSION OF HIS SECURITIES SALESPERSON LICENSE FOR NINETY (90) DAYS AND AGREED TO PAY A FINE OF $750. LASALLA WAIVED HIS RIGHT TO A HEARING AND TO JUDICIAL REVIEW OF THIS MATTER
• Resolution: Order
• Sanction Details :: Sanctions: Suspension
• Sanction Details :: Registration Capacities Affected: REGISTERED REPRESENTATIVE
• Duration: 90 DAYS
• Start Date: 11/13/2008
• End Date: 2/10/2009
• Broker Comment: I WAS EMPLOYED AT JP TURNER WHEN I FILED A CHAPTER 7 BANKRUPCY. I NOTIFIED MY COMPLIANCE OFFICER IN A TIMELY MANNER AS REQUIRED AND PROVIDED THE RELEVANT DOCUMENTATION. FOR WHATEVER REASON JP TURNER FAILED TO ENTER THE REQUIRED U4 DISCLOSURE AMMENDMENT ON MY BEHALF. WA & CO ENTERED REGULATORY ACTIONS AGAINST ME BECAUSE OF THE FAILURE TO DISCLOSE IN A TIMELY MANNER.

DISCLOSURE 7 – 

• Event Date: 10/7/2008
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: COLORADO DIVISION OF SECURITIES
• Allegations: ON OR ABOUT JANUARY 18, 2008 FILED A FALSE AND MISLEADING FORM U4 FAILING TO DISCLOSE A VOLUNTARY CHAPTER 7 BANKRUPTCY FILED IN THE EASTERN DISTRICT OF NEW YORK ON OR ABOUT JULY 23, 2007. ON NOVEMBER 7, 2007 THE BANKRUPTCY COURT ENTERED AN ORDER GRANTING LASALLA A DISCHARGE UNDER CHAPTER 7 OF THE BANKRUPTCY CODE.
• Resolution: Stipulation and Consent
• Sanction Details :: Sanctions: Suspension
• Sanction Details :: Registration Capacities Affected: SECURITIES SALES REPRESENTATIVE
• Duration: 180 DAYS
• Start Date: 11/14/2008
• Sanctions: CONSENT ORDER WITH STIPULATION: SUSPENSION OF 180 DAYS OF MR. LASALLA’S SECURITIES SALES REPRESENTATIVE LICENSE IN COLORADO, EFFECTIVE 11/14/2008
• Broker Comment: I WAS EMPLOYED AT JP TURNER WHEN I FILED A CHAPTER 7 BANKRUPCY. I NOTIFIED MY COMPLIANCE OFFICER IN A TIMELY MANNER AS REQUIRED AND PROVIDED THE RELEVANT DOCUMENTATION. FOR WHATEVER REASON JP TURNER FAILED TO ENTER THE REQUIRED U4 DISCLOSURE AMMENDMENT ON MY BEHALF. WA & CO ENTERED REGULATORY ACTIONS AGAINST ME BECAUSE OF THE FAILURE TO DISCLOSE IN A TIMELY MANNER.

DISCLOSURE 8 – 

• Event Date: 10/24/2007
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA: ARBITRATION CASE 06-03524-NY
• DocketNumberAAO: 06-03524
• Initiated By: FINRA
• Allegations: RESPONDENT FAILED TO PAY $950.00 IN ARBITRATION FEES DUE TO FINRA THAT WERE ASSESSED AS A RESULT OF ARBITRATION CASE 06-03524-NY.
• Resolution: Other
• Sanction Details :: Sanctions: Suspension
• Sanction Details: RESPONDENT IS SUSPENDED AS OF OCTOBER 24, 2007 PURSUANT TO THE PROVISIONS OF NASD RULE 9553. THE SUSPENSION WILL CONTINUE UNTIL DOCUMENTARY EVIDENCE IS PROVIDED TO FINRA THAT ONE OR MORE OF THE BELOW LISTED FOUR RULE 9553 DEFENSES HAVE OCCURRED: (1) BALANCE PAID IN FULL; (2) ENTER INTO A FULLY-SIGNED WRITTEN INSTALLMENT PAYMENT PLAN WITH FINRA AND THAT PAYMENTS DUE UNDER THE AGREEMENT ARE CURRENT; (3) TIMELY FILE AN ACTION TO VACATE OR MODIFY ANY AWARD THAT WAS ISSUED IN THE ARBITRATION PROCEEDING(S) THROUGH WHICH THE OUTSTANDING FEES WERE ASSESSED, AND SUCH MOTION HAS NOT BEEN DENIED OR (4) FILE FOR BANKRUPTCY PROTECTION AND THE OUTSTANDING FEES HAVE NOT BEEN DEEMED BY A FEDERAL COURT TO BE NON-DISCHARGEABLE.
• Broker Comment: THE FORUM FEES WERE ASSESSED WHILE I WAS BETWEEN FIRMS. UPON JOINING ITRADEDIRECT THE BALANCE WAS PAID IN FULL 11-05-2007 SUSPENSION / DEFICIENCY LIFTED 11-12-2007

DISCLOSURE 9 – 

• Event Date: 9/29/2004
• Disclosure Type: Employment Separation After Allegations
• Disclosure Resolution:
• Disclosure Detail :: Firm Name: LH ROSS & CO., INC.
• Termination Type: Voluntary Resignation
• Allegations: FAILURE TO MEET FINANCIAL OBLIGATIONS TO THE FIRM
• Broker Comment: WHEREAS LH ROSS ALLEGES I LEFT THEM OWING MONEY THE FACT IS THAT MY EMPLOYMENT CONTRACT WITH LH ROSS SPECIFIED THAT THEY WERE TO SATISFY MY FINANCIAL OBLIGATION TO MY PRIOR EMPLOYER CONTINENTAL BROKER DEALER. LH ROSS FAILED TO DO SO AND IN AN UNRELATED ACTION WAS ISSUED A CEASE AND DESIST ORDER SO ACTUALLY THEY OWE ME MONEY.

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

• WESTPARK CAPITAL, INC. (CRD#: 39914) :: 9/10/2014 – 4/25/2017 :: LOS ANGELES, CA
• J.D. NICHOLAS & ASSOCIATES, INC. (CRD#: 44791) :: 5/15/2013 – 10/3/2014 :: LAKE GROVE, NY
• LAIDLAW & COMPANY (UK) LTD. (CRD#: 119037) :: 1/17/2013 – 5/13/2013 :: MELVILLE, NY
• ROCKWELL GLOBAL CAPITAL LLC (CRD#: 142485) :: 8/10/2012 – 1/25/2013 :: NEW YORK, NY
• EKN FINANCIAL SERVICES INC. (CRD#: 113525) :: 5/25/2010 – 8/14/2012 :: MELVILLE, NY
• ITRADEDIRECT.COM CORP (CRD#: 18281) :: 11/12/2007 – 5/4/2010 :: FARMINGVILLE, NY
• J.P. TURNER & COMPANY, L.L.C. (CRD#: 43177) :: 1/26/2007 – 10/15/2007 :: MEDFORD, NY
• MILESTONE FINANCIAL SERVICES, INC. (CRD#: 43295) :: 7/26/2006 – 2/22/2007 :: BOHEMIA, NY
• NEW CASTLE FINANCIAL GROUP INC. (CRD#: 102380) :: 2/22/2006 – 7/24/2006 :: MELVILLE, NY
• BENSON YORK GROUP, INC. (CRD#: 40231) :: 9/28/2004 – 3/8/2006 :: MELVILLE, NY
• LH ROSS & COMPANY, INC. (CRD#: 37920) :: 1/9/2004 – 9/29/2004 :: BOCA RATON, FL
• CONTINENTAL BROKER-DEALER CORP. (CRD#: 14048) :: 5/22/2003 – 1/21/2004 :: CARLE PLACE, NY
• GUNNALLEN FINANCIAL, INC (CRD#: 17609) :: 4/22/2002 – 6/18/2003 :: TAMPA, FL
• SEABOARD SECURITIES, INC. (CRD#: 755) :: 5/11/2001 – 5/14/2002 :: FLORHAM PARK, NJ
• CONTINENTAL BROKER-DEALER CORP. (CRD#: 14048) :: 3/27/2001 – 5/9/2001 :: CARLE PLACE, NY

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Justin Charles Lasalla, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

• Outright Theft (Conversion of Funds)
• Unauthorized Trading
• Misrepresentation or Omission of Material Facts
• Excessive Trading (Churning)
• Lack of Diversification
• Unsuitable Investment Recommendations
• Failure to Disclose a Personal Conflict of Interest
• Front Running of Transactions
• Breakpoint Sale Violations
• Negligent Portfolio Management

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

Here are 5 signs that your broker needs to be reported –

• Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
• Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
• Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
• Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
• Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
• Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.

Report Justin Lasalla

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Justin Charles Lasalla – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

• Name and symbol for the investment product in question.
• The CRD number (4370421) for the broker – Justin Charles Lasalla
• Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

The views and opinions expressed in these articles are those of the source BrokerComplaints.com and do not necessarily reflect the official position of ‘Ripoff Repairs LLC,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

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