Broker Larry Labine Targeted In Investor Lawsuits
Soreide Law Group is examining possible investor lawsuits to be brought against securities broker Lawrence “Larry” Michael Labine (CRD#: 1279935, Scottsdale, Arizona). Notably, clients of Labine at Newbridge Securities Corporation challenged his sales practices. Supposedly, Labine caused them to experience losses. Let’s take a closer look at some recent disclosures on Labine’s FINRA BrokerCheck Report:
Newbridge Investor Indicates Larry Labine Was Negligent
Evidently, a client of Newbridge contested Larry Labine’s sales practices through a FINRA Arbitration Claim in April 2020. First of all, the client alleged negligence by Labine with regard to the client’s investments at Newbridge. Secondly, the client indicated that Labine breached a fiduciary. Thirdly, Labine supposedly violated terms of a contract. It seems that the client experienced losses on alternative investments and asked for $99,000 in compensation from Newbridge to resolve this matter.
Labine Allegedly Provides Bad Investment Advice To Newbridge Client
It appears that a second Newbridge client came forward in February 2020 to contest Larry Labine’s sales practices. Allegedly, Labine caused the client losses on unsuitable investments. Particularly, the claim alleges “unsuitable recommendations” of “alternative” products. These alternative investments may have been inappropriate for the client. Supposedly, Labine failed to comply with his fiduciary responsibility. Finally, the client alleged “material misrepresentation” which might mean that Labine made false or misleading statements about investments. For this reason, the client demanded $200,000 in compensation.
Newbridge Client Alleges Breach Of Fiduciary Duty By Larry Labine
Evidently, a third client of Newbridge brought a dispute about Larry Labine in January 2020. Particularly, the client alleged that Labine acted in breach of fiduciary duty. It is possible that Labine failed to act in the client’s best interests. Also, the client alleges negligence and breach of contract in connection with these alternative investments. Supposedly, the customer sustained $99,000.00 in damages and seeks the recovery of losses incurred from investing. Evidently, this matter is ongoing.
Labine Allegedly Makes Excessive Trades in Client’s Account
Also, a client of Newbridge took issue with Larry Labine’s trading volume. Specifically, the client contended in this October 2019 dispute that Labine used discretion to frequently trade in the client’s account. The claim alleges “excessive turnover of accounts” and Labine making “excess commission” on transactions. In addition, the client suggested that Labine’s transactions were unsuitable. This matter is pending a resolution.
Did Larry Labine Sell You Inappropriate Investments?
Note that FINRA indefinitely barred Larry Labine for allegedly making misrepresentations to clients concerning the sale of securities and for making unsuitable recommendations of non-traded REITs and other alternative investments. Did you purchase bad investments through Larry Labine? If so, get in touch with Soreide Law Group at (888) 760-6552 where you can speak with experienced lawyers about a possible recovery. Keep in mind that Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for investors who have suffered losses from the misconduct of financial advisors and securities brokers. Labine denies all allegations by investors of his sales practice violations.