Articles Tagged with DeWaay Financial Network

Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Steven Orr, a registered broker with H. Beck Inc. in Houston, Texas. Orr was accused of making unsuitable investment recommendations and misrepresenting products, including direct participation products (DPPs) and private placements including oil and gas partnerships, non-traded real estate investment trusts (REITs) and other alternative investments. Products such as these (oil and gas partnerships, REITs, and other alternative investments) are only appropriate for a select few investors under certain market conditions, due to the risk, high fees and illiquidity associated with these products. A broker must take into account the aforementioned market conditions, and the client’s age, net worth, investment objectives and investment sophistication before recommending and/or selling these products. If the broker does not do so, his brokerage firm can be liable for investment losses, because the firm has a duty to supervise each broker. Please call our Chicago-based securities law firm today at 312-332-4200 to speak to one of our attorneys about your options of suing H. Beck if you have suffered losses with Steven Orr. We may be able to help you bring a claim against H. Beck in the Financial Industry Regulatory Authority (FINRA) arbitration forum to recover your financial losses on a contingency fee basis.

According to his online FINRA BrokerCheck report, Orr was registered with AAL Capital Management Corp in Minneapolis, Minnesota from July 1987 until November 1994, H. Beck in Victoria, Texas from December 1994 until April 2009 and DeWaay Financial Network in Victoria from April 2009 until May 2011. He is currently registered with H. Beck in Victoria and has been since April 2011. He has five customer disputes against him, two of which are currently pending and two criminal matters against him.

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.

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