Lawrence Michael LaBine (also known as Larry LaBine) of Scottsdale Arizona a stockbroker formerly registered with Newbridge Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $99,000.00 in damages based upon accusations of the stockbroker’s negligence with regard to alternative investments sold to the Newbridge Securities Corporation customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01266 (Apr. 20, 2020). According to the claim, the customer claims breach of contract and breach of fiduciary duty.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that LaBine has been identified in 27 additional customer initiated investment related disputes containing allegations of his misconduct while employed by Deeway Financial Network, LPL Financial and Newbridge Securities Corporation. On November 28, 2016, a customer initiated investment related arbitration claim involving LaBine’s conduct was settled for $35,000.00 in damages based upon allegations of the violation of California Securities Act and the breach of both a contract and a fiduciary duty in regard to master limited partnerships and mutual fund transactions executed during the time that LaBine was associated with Newbridge Securities Corporation. FINRA Arbitration No. 15-03441. The claim also alleges that transactions were not suitable for the customer and that the customer was defrauded.
LaBine has been identified in a customer initiated investment related arbitration claim which was resolved for $80,000.00 in damages founded on accusations that risks of alternative investments had not been disclosed to the Newbridge Securities Corporation customer by LaBine and that a fiduciary duty that was owed to the customer had been breached through unsuitable alternative investment transactions. FINRA Arbitration No. 19-00751 (Apr. 30, 2020).
On September 4, 2019, another customer filed an investment related arbitration claim pertaining to LaBine’s conduct in which the customer requested $150,000.00 in damages supported by allegations that alternative investment recommendations failed to be suitable for the Newbridge Securities Corporation customer and that the customer sustained losses on inappropriate alternative investments that were held in the customer’s account. FINRA Arbitration No. 19-02579.
LaBine has also been referenced in a customer initiated investment related arbitration claim in which the customer requested unspecified damages supported by allegations that unauthorized transactions were facilitated in the customer’s account during the period in which LaBine was employed by Newbridge Securities Corporation. FINRA Arbitration No. 19-03145 (Oct. 31, 2019). The claim also alleges that stock transactions were unsuitable and had resulted in the customer being charged excessive commissions.
On January 3, 2020, another customer filed an investment related arbitration claim in reference to LaBine’s conduct where the customer sought $99,000.00 in damages based upon accusations of negligence as well as breach of contract and breach of fiduciary duty relating to alternative investments sold to the Newbridge Securities Corporation customer. FINRA Arbitration No. 19-03722. LaBine is additionally the subject of a customer initiated investment related arbitration claim where the customer sought $200,000.00 in damages based upon accusations of misrepresented alternative investments and bad advice by LaBine. FINRA Arbitration No. 20-00185 (Feb. 3, 2020).
LaBine has been barred from associating with any FINRA member in any capacity according to a Decision and Order of Offer of Settlement containing findings that LaBine defrauded Deeway Financial Network customers in violation of Securities Exchange Act of 1934 Section 10(b), Securities Act of 1933 Section 17(a) and FINRA Rules 2010 and 2020. Department of Enforcement v. Lawrence LaBine Disciplinary Proceeding No. 2009019605401 (Apr. 8, 2016).
