According to FINRA, Lawrence Michael LaBine is the subject of a disciplinary action pending against him after an alleged conflict of interest leading to several customer disputes.
In his 29 years in the securities industry, LaBine has had 30 disclosures according to FINRA, many of which are related to his alleged relationship with a sinking software company, leading him to make what clients claimed to be inappropriate recommendations.
Most recently, LaBine came under fire after the SEC decided he knowingly misrepresented investments and his potential to benefit from the sales while working for DeWaay Financial Network from June 2007 to October 2010, according to FINRA.
LaBine was allegedly in an agreement with a software company called Domin-8 to receive compensation and potentially a seat on its board of directors in exchange for meeting certain fundraising benchmarks when he advised its sales to clients. At the time, LaBine was also allegedly receiving information from Domin-8 about its dismal finances, and the company ultimately filed for bankruptcy in September 2009.
According to the FINRA complaint, LaBine made unsuitable recommendations of non-traded REITs and other alternative investments to customers who were elderly and/or inexperienced and many of these investments were illiquid, hard to valve, complex and high risk, making them unsuitable for many investors.
In 2011, LaBine paid $100,000 out of nearly $600,000 alleged damages after a customer dispute also related to alleged misrepresentation of Domin-8, according to FINRA.
Other disclosures listed by FINRA include a 2004 suspension and $25,000 settlement following a case in which he allegedly made unsuitable recommendations to five different customers and a $50,000 settlement in 2013.
In 2010, LaBine was discharged from DeWaay after his alleged violation of regulations, rules, or industry standards of conduct, according to a FINRA disclosure by the firm.
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