Lawrence Steinberg Named In $1.2 Million Private Placement Claim

Lawrence Steinberg (CRD 2349876) faces a pending $1,175,546 customer claim over private placement sales at Cabin Securities, according to his BrokerCheck report. A customer filed the complaint on August 25, 2026, under docket number 26-01910, alleging sales of Regulation D private placements made from 2016 to 2019.

Steinberg also settled an earlier customer dispute from 2016 over a variable annuity sale while registered with Berthel Fisher.

Lawrence Steinberg's Pending Private Placement Claim

According to the disclosure, a customer's complaint against the firm asserted causes of action that included fraud, misrepresentation, omissions of material fact, unsuitable recommendations, and breach of contract. The complaint named Lawrence Steinberg over private placement sales made from 2016 to 2019.

In a statement on BrokerCheck, the investor alleged that the firm failed to conduct due diligence and did not adequately warn of the risks of the investments. The firm responded that it conducted thorough due diligence and warned of the risks, and said the investor worked with a licensed tax professional on the features of the investment. Steinberg's statement said he did not play a role in managing the investment.

BrokerCheck reports for Sterling Vaughn Louviere (CRD 2021328), Mark Aaron Atchity (CRD 2530342), and William Brian Candler (CRD 2802438) list the same case number. No arbitrator has ruled on the claim.

A Regulation D private placement lets a company raise money from investors without registering the securities with the SEC, and issuers typically reserve the offering for accredited investors who can show a minimum income or net worth. Private placements are illiquid, since there is usually no secondary market, and the issuer provides less public disclosure than a registered security.

The 2017 Berthel Fisher Variable Annuity Dispute

In a series of emails beginning January 31, 2016, a client alleged that Lawrence Steinberg sold the client and the client's spouse AIG annuity policies with single coverage instead of the joint survivorship coverage they had requested, according to the disclosure. The client believed the right outcome was for Steinberg to make up the yearly difference between the two coverage types.

The dispute then settled on July 26, 2017. The client alleged $6,500 in damages, and the matter settled for $11,800, while Steinberg was registered with Berthel Fisher at the time.

Joint survivorship coverage on an annuity continues income or benefit payments after the first named person dies, while single coverage ends at that point. The two options can carry different costs and payout terms, and a mismatch between what a client requests and what a policy provides can later become the basis of a complaint.

Related Posts

• Sam Bhushan Of Cabin Securities Named In Pending Private Placement Claims
• Sterling Louviere Of Cabin Securities Named In Pending Private Placement Claim
• Mark Atchity Tied To Cabin Securities Investor Arbitration Claim Re: Breach Of Fiduciary Duty

Questions About An Account Handled By Lawrence Steinberg?

FINRA member firms must supervise the activities of their brokers. If you have questions about an account that Lawrence Steinberg handled, call Soreide Law Group at (888) 760-6552. You can also reach us online to speak with a securities attorney. Our securities lawyers handle FINRA arbitration claims on a contingency fee basis. Learn how FINRA arbitration works.

Sources

• FINRA BrokerCheck report for Lawrence S. Steinberg (CRD 2349876)

This post summarizes public FINRA records, including BrokerCheck, as of October 10, 2026. Allegations in customer complaints and arbitrations are claims, not findings. Pending claims remain open and undecided. A settlement is also not an admission of wrongdoing. FINRA may also update or correct these records after that date.