John Loofbourrow, of John W. Loofbourrow Associates, Suspended by FINRA for Failing to Supervise Craig Zabala
Have you lost money with financial advisor Craig Zabala? We continuing to look into allegations made about Craig Zabala from New York, New York. Last year, FINRA (the Financial Industry Regulatory Authority) barred Zabala from the securities industry after Zabala failed to respond to its investigation. In June 2020, FINRA also suspended John Loofbourrow, Zabala’s direct supervisor, for failing to adequately supervise Zabala’s and another representative’s disclosed outside business activities. To settle these allegations, John Loofbourrow agreed to pay a $7,500 fine and be suspended in a principal capacity for two months.
Craig Zabala was a financial advisor and registered representative of John W. Loofbourrow Associates from February 2015 to April 2019. He worked in a branch office in New York, New York. He also ran companies called Concorde Group, Blackhawk Capital Group, and Barak Asset Management.
Brokerage firms like John W. Loofbourrow Associates have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.