There are options for customers of former LPL Financial Corporation broker Michael Laine (CRD# 1244072), who suffered investment losses due to stocks. He has been registered with Purshe Kaplan Sterling Investments in El Segundo, California, since 2026, and Altruist Advisors LLC in El Segundo, California, since 2026. He was registered with PKS Advisory Services, LLC in Albany, New York, from April to June 2026, LPL Financial Corporation in El Segundo, California, from 2009 to 2026, when he was terminated regarding, “Failed to obtain client authorization prior to transaction; and failed to identify and report suspicious activity and corresponding red flags.”
Michael Laine Customer Complaints
He has been the subject of two customer complaints between 1996 and 2025, according to his CRD report. The most recent complaint was regarding:
September 2025. “The customer alleged the financial advisor did not verbally confirm withdrawals with the customer.” The case was settled for $105,500. The complaint was regarding common and preferred stocks, and it took place while he was registered with LPL Financial 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, LPL Financial Corporation may be liable for investment or other losses suffered by Michael Laine’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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