Lawrence LaBine and DeWaay Financial Network Investment Losses

According to a complaint filed by the Financial Industry Regulatory Authority (FINRA) against Lawrence LaBine, from April 2009 until August 2009, LaBine allegedly sold senior debentures issued by Domin-8. He allegedly made fraudulent misrepresentations and omissions of material fact to five customers in connection with the sale of the senior debentures. He failed to disclose to his customers that Domin-8 was financially poor and not sound, and agreed to receive personal compensation for not disclosing their true statistics. The complaint also alleges that LaBine made unsuitable recommendations of non-traded real estate investment trusts (REITs) and other alternative investments to elderly investors. Most of the investments were not suitable for the clients because of their age, investment objectives and investment sophistication.

Lawrence LaBine was registered with Southmark Financial Services from March 1985 until October 1985, Anchor National Financial Services from February 1986 until May 1992, SunAmerica Securities from May 1992 until April 1997, Linsco/Private Ledger Corp from April 1997 until July 2002, Associated Securities Corp from July 2002 until June 2007 and DeWaay Financial Network in Scottsdale, Arizona from June 2007 until October 2010. He is currently registered with Newbridge Securities Corporation in Scottsdale and has been since November 2010. He has 19 customer disputes against him, three of which are currently pending.