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Larry LaBine Barred for Fraudulent Domin-8 Senior Debenture Software & Unsuitable Real Estate (REIT) Sales to Elderly Investors

FINRA barred former Newbridge Securities Corporation and DeWaay Financial Network LLC broker Lawrence Michael LaBine of Scottsdale, Arizona for a series of fraudulent misrepresentations, unsuitable recommendations, and omissions of material facts concerning senior debentures (Series D) issued by real estate management software company Domin-8, in addition to unsuitable sales of non-traded real estate trusts (REITs) and other alternative investments to elderly retiree and inexperienced investors. The findings state LaBine knew of Domin-8's poor financial condition when he recommended and sold its Series D product.

OHO Disciplinary Proceeding #2009019605401

With a BrokerCheck report containing 32 disclosures, ex-AZ broker Larry LaBine (CRD #1279935) has been the subject of a score of customer complaints alleging fraud, unsuitable recommendations, misrepresentations, omission of facts, breach of fiduciary duty and contract, negligence and negligent supervision, and even violation of California laws and the California Securities Act.

In its present findings, FINRA wrote that LaBine violated several key laws, including the federal Securities Act, in continuing to unsuitably recommend and fraudulently sell Domin-8 senior debentures while knowing that Domin-8 was in a grave financial struggle (Domin-8 did eventually file for bankruptcy). For instance, one of LaBine's fraudulent statements to investors purported that customers who invested in senior debentures (Series D) would obtain the return of their principal if they also invested in securities offered by "D8 Acquisition Corp."

Not only do the findings indicate that LaBine received regular compensation from Domin-8 at the time of the Series D sales and not only did LaBine actually arrange to sit on Domin-8's board of directors in exchange for meeting certain fundraising targets, D8 Acquisition Corp. was an entity that LaBine and several others had formed in an effort to acquire assets during Domin-8's bankruptcy proceedings, a series of material facts that LaBine failed to disclose and, in some cases, outright omitted, to multiple customers.

FINRA noted that LaBine also unsuitably recommended and sold REITs to elderly and/or inexperienced clients whose investment objectives, limited financial means, and financial conditions did not provide LaBine with a reasonable basis for recommending the illiquid, complex, and high-risk REIT securities, which included the Inland REIT, KBS REIT, Superfund Green (a speculative and highly leveraged commodities future), and CNL REIT, in addition to the aforementioned Series D product.

The report notes that LaBine earned high commissions from these improper sales, which FINRA classified as placing a "significant amount" of risk of loss to these low-risk-preference customers' principals.

Since his first settled customer dispute in 2009, LaBine or his employing firm has paid out over $1.2 million in damages as a result of these various allegations of misconduct—and that doesn't include several undisclosed awards, and disputes still pending and being filed in 2016.

If you have invested with former Newbridge or DeWaay (Scottsdale, Arizona) broker Lawrence "Larry" Michael LaBine in Domin-8, or with senior debentures and/or REITs that have been fraudulently marketed to you through misrepresentations, unsuitable recommendations, omission of facts or other false guarantees and statements, and such a fraud has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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