Barred former Newbridge Securities Corporation broker Lawrence Labine (CRD# 1279935) faces more than 30 customer complaints. He was registered with Newbridge Securities Corporation in Scottsdale, Arizona, from 2010 to 2016, and Dewaay Financial Network, LLC in Scottsdale, Arizona, from 2007 to 2010, when he was terminated regarding, “alleged violation of investment related regulations, rules or industry standards of conduct.”
In July 1989, the Securities Division, Arizona Corporation Commission sanctioned him to a cease and desist following allegations that he “offered a security which was not registered and was not exempt.”
In December 2004, NASD sanctioned him to a civil and administrative penalty and fine of $25,000 and suspended him for 15 days following findings that he “recommended and effected securities transactions in the accounts of public customers without having a reasonable basis for believing that the transactions were suitable, based upon customers investment objectives, financial situation and needs.”
In March 2007, the state of Illinois ordered him to “withdraw his salesperson registration in the state of Illinois and the respondent will not re-apply for re-registration for a period of eighteen 918) months. 2. respondent has paid cost on investigation. 3. upon being re-registered as a salesperson in the state of illinois the respondent will participate in an enhanced and heightened supervision program for a period of one (1) year.”
In April 2016, the United States Securities And Exchange Commission (SEC) barred him and ordered him to pay $100,000 in disgorgement, following allegations that he “aggressively recommended and sold Series D debentures to his clients for a start-up company.” It is alleged that he did not disclose this material information to his clients. According to the SEC, “Because he did not disclose this material information, Labine’s clients were deprived of the ability to assess whether the undisclosed information affected Labine’s independence and trustworthiness… Labine falsely represented to his clients that the investment was safe, secured, and they would not lose any of the money they invested in the company, in contradiction to the risk disclosures in the private placement memorandum and supplements.”
In April 2016, FINRA barred him after it was found that he “sold senior debentures (Series D) issued by a company that developed software for real estate management companies and made fraudulent misrepresentations and omissions of material fact to customers, in connection with the sale of Series D.” The complaint alleges that he made “unsuitable sales of non-traded real estate investment trusts (REITs) and other alternative investments, including Series D and his entity’s securities, to customers, who were elderly and/or inexperienced investors.”
In April 2017, Arizona Corporation Commission Securities Division revoked his license.
Lawrence Labine Customer Complaints
He has been the subject of 33 customer complaints between 1998 and 2023, three of which were denied, one was closed without action, and one was withdrawn, according to his CRD report. The most recent complaints were regarding:
November 2023. “Breach of fiduciary duty, suitability, misrepresentations, breach of contract, negligence and failure to supervise.” The case is currently pending. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
April 2022. “Claimants alleges– Negligence, Breach of Fiduciary Duty, Breach of Contract, Negligent Supervision, Violation of Securities Laws, and Fraud.” The customer sought $75,000 in damages, and the case was settled for $10,750. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
April 2022. “Claimant alleges: Breach of Fiduciary Duty, Unsuitable Recommendations, Misrepresentation along with Breach of Contract and Omission of Material Fact.” The customer sought $50,000 in damages, and the case was settled for $33,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
July 2021. “Claimant alleges: unsuitability, breach of contract, breach of fiduciary duty, negligence.” The case was settled for $160,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
April 2021. “Failure to conduct due diligence, unsuitable, breach of fiduciary duty and misrepresentation.” The customer sought $75,000 in damages, and the case was settled for
$30,000. The complaint was regarding alternative investments (GPB), and it took place while he was registered with Newbridge Securities Corporation.
April 2020. “Negligence, breach of fiduciary duty, and breach of contract.” The customer sought $99,000 in damages, and the case was settled for $15,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
February 2020. “Claimant alleges unsuitable recommendations, breach of fiduciary duty and material misrepresentation.” The customer sought $200,000 in damages, and the case was settled for $100,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
January 2020. “Claimant alleges breach of fiduciary duty, negligence and breach of contract.” The customer sought $99,000 in damages, and the case was settled for $175,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
September 2019. “Claimant alleges improper investment recommendations, and unsuitable investments.” The customer sought $150,000 in damages, and the case was settled for $40,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
March 2019. “Claimant alleges breach of fiduciary duty, unsuitable investments, failure to disclose associated risk.” The customer sought $143,000 in damages, and the case was settled for $80,000. The complaint was regarding alternative investments, and it took place while he was registered with Newbridge Securities Corporation.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Newbridge Securities Corporation may be liable for investment or other losses suffered by Lawrence Labine’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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