id Newbridge Broker Larry Labine Cause Your Investment Losses?
Soreide Law Group is currently evaluating possible investor claims against Newbridge Securities Corporation broker Lawrence “Larry” Michael Labine (CRD#: 1279935, Scottsdale, Arizona). Namely, the Financial Industry Regulatory Authority (“FINRA”) reports through BrokerCheck that a slew of clients took issue with Labine’s sales practices. These disputes indicate that Labine, who worked for Newbridge Securities Corporation from 2010 to 2016, made bad investment recommendations which seemed to have caused investors’ losses. Here’s more:
Newbridge Client Suggests Larry Labine Gave Bad Advice
A client of Newbridge Securities Corporation brought FINRA Arbitration #: 19-02579 on August 27, 2019. Mainly, the client suggested that Larry Labine gave poor advice about alternative investments for the client’s Newbridge brokerage account. Supposedly, the client purchased the investments at Labine’s recommendation and then sustained losses. For this reason, the client demanded $150,000 in damages in this ongoing matter.
Labine Allegedly Fails To Disclose Risks About Alternative Investments
Newbridge Securities Corporation reports that a second client disputed Larry Labine’s sales practices in bringing FINRA Arbitration #: 19-00571. Labine allegedly failed to comply with his fiduciary responsibilities with respect to the client’s alternative investments. Not only that, but the client suggested that Labine did not disclose risks of alternative investments that he recommended. Evidently, the client asked for $143,000 in compensation for the alleged fiduciary violations, nondisclosures and unsuitable alternative investments. Currently, this matter is ongoing.
Newbridge Client Indicates Larry Labine Breached A Fiduciary Duty
Larry Labine’s BrokerCheck report shows a third claim from a Newbridge Securities Corporation client which was filed in 2016. Mainly, the client alleged in FINRA Arbitration #: 15-03441 that Labine breached a fiduciary duty to the client by recommending mutual funds and master limited partnerships. Allegedly, those investments were inconsistent with the client’s investor profile. Not only that, but Labine failed to comply with the terms of an investment agreement. The client also alleged that Newbridge or Labine’s actions violated the California Securities Act. Evidently, on November 28, 2016, Newbridge opted to settle this matter by paying the client $35,000.
SEC Bars Labine For Concealing Information About Domin-8 Debentures
Evidently, SEC barred Larry Labine for “willfully” violating federal securities laws and SEC rules. Namely, SEC alleged that Labine made recommendations and sales of senior debentures (Series D) to clients. Apparently, those debentures were for a startup company, Domin-8, which was expected to fail if not for the client’s investments. SEC says that Labine failed to tell investors that the startup company’s solvency depended on his debenture sales, and omitted that he had a financial interest in the company. SEC determined that Labine also falsely claimed that the debentures were safe and secure and that investors’ principal was protected. The bar, which precludes Labine from being an adviser or broker, became effective on April 22, 2016.
FINRA Bars Larry Labine For Making Bad Investment Recommendations
FINRA also barred Larry Labine in April 2016. Namely, FINRA held Labine accountable for allegedly violating federal securities laws, SEC rules and FINRA rules. FINRA’s findings show that Domin-8, which reportedly made software for real estate management companies, was in a “perilous” financial condition when Labine recommended debentures to the clients. That company eventually failed. Additionally, FINRA alleged that Labine lied about a company that he supposedly established to acquire Domin-8’s assets.
FINRA also indicated that Larry Labine made bad recommendations about real estate investment trusts and alternative investments. Supposedly, Labine preyed on his clients’ lack of investment experience with these complex, illiquid and risky investments. FINRA determined that Labine basically had no basis to make recommendations, and that he made large commissions on the sales.
Investment Loss Lawyers
Have you experienced losses by investing with Larry Labine? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.