LaSalle St. Securities Regulatory History Review
The securities attorneys at The White Law Group are investigating the regulatory history and potential misconduct of LaSalle St. Securities LLC, a dual-registered broker-dealer and investment advisory firm headquartered in Elmhurst, Illinois (CRD#: 7191 | SEC#: 8-18860). According to FINRA, the firm has 20 disclosures on its BrokerCheck profile, including 15 regulatory actions, four arbitration claims, and one bond. LaSalle reportedly manages $14 billion in client assets as of January 2025.
LaSalle St. Securities Broker Misconduct
Several registered representatives affiliated with LaSalle St. Securities have reportedly been involved in misconduct, including fraud, forgery, and outside business activities. Below are notable examples:
- David Love (CRD#: 4788074) – In 2024, Love was terminated by LaSalle amid allegations of misappropriating $850,000 in client funds for cryptocurrency purchases. He was later barred by FINRA in 2025. Multiple customer disputes have been filed against him, including pending claims alleging fraud and misrepresentation.
- Joel Martin Weiner (CRD#: 1648997) – Barred by FINRA in 2016 for selling away and failing to cooperate in the investigation. Weiner recommended investments in an unapproved private fund, violating firm policy and FINRA rules.
- Frank Devine (CRD#: 2035363) – Sanctioned in 2006 following a Ponzi-style fraud involving luxury cars and real estate. FINRA (then NASD) fined LaSalle $200,000 for failure to supervise Devine and other remote brokers adequately.
- 2022 (Frankfort, IL) – A LaSalle broker was fined $5,000 and suspended for forging a customer’s signature.
- 2016 (Palatine, IL) – A broker was barred for failing to respond to a FINRA investigation into undisclosed outside business activities.
- 2013 (Buffalo Grove, IL) – A broker was charged with executing trades in the account of a deceased customer, who had reportedly died two years prior to account activity.
FINRA Sanctions Against LaSalle St. Securities
FINRA has taken 15 regulatory actions against LaSalle St. Securities, citing numerous supervisory and compliance failures.
- 2014: FINRA censured and fined LaSalle $175,000 for failing to conduct reasonable due diligence on private placement offerings and for inadequate supervision of consolidated account reports.
- The firm distributed a private placement memo lacking material facts and used flawed return projections for Revitalight Operators LLC.
- LaSalle also failed to supervise brokers selling investments in Seat Exchange Corporation and Platinum Wealth Partners, Inc.
- The firm permitted the dissemination of consolidated reports that lacked rigorous oversight, increasing the risk of misrepresentation.
Note: Consolidated reports, when not properly supervised, can mislead investors by providing inaccurate or confusing financial information and may be used in fraudulent activities.
SEC Cease-and-Desist Order (2012)
In 2012, the Securities and Exchange Commission (SEC) filed charges against both LaSalle St. Securities and its affiliated adviser Tilden Loucks & Woodnorth, LLC for misleading clients about trading costs.
- The SEC alleged the firms charged inflated commissions through undisclosed markups and failed to ensure best execution.
- Clients paid an average of $143 per trade, often on large-cap equities, while being told they were receiving discounts.
- In reality, the “discount” was based on outdated fee schedules and LaSalle allegedly had no actual commission schedule.
Settlement terms included:
- Cease and desist from future violations,
- Disgorgement of $170,319.94 in ill-gotten gains,
- $16,531.06 in prejudgment interest.
FINRA Rule 3110 – Supervision Requirements
Rule 3110 mandates that broker-dealers establish and maintain supervisory systems to prevent and detect violations of securities laws. Key requirements include:
- Written supervisory procedures,
- Designated supervising principals,
- Periodic internal reviews,
- Monitoring of communications and correspondence,
- Preservation of accurate books and records.
LaSalle’s regulatory history highlights systemic supervisory failures, contributing to its disciplinary history.
FINRA Arbitration for Investment Losses
If you invested with a LaSalle St. Securities broker and experienced financial losses due to misconduct, you may be able to file a claim through FINRA Arbitration for recovery.
The arbitration process can be complex. An experienced securities attorney can:
- Evaluate your claim,
- Draft the statement of claim,
- Represent you at arbitration,
- Negotiate a potential settlement.
FINRA arbitration is often faster and less expensive than court litigation.
National FINRA Arbitration Attorneys – The White Law Group
The White Law Group is a national securities fraud and FINRA arbitration law firm with offices in Chicago, Illinois and Seattle, Washington. Since 2010, our attorneys have handled more than 800 FINRA arbitration cases on behalf of investors nationwide.
We represent clients in claims involving:
- Stock fraud,
- Broker misrepresentation,
- Unsuitable investments,
- Unauthorized trading,
- Ponzi schemes, and more.
With over 30 years of securities law experience, our attorneys have helped countless investors across the U.S. recover losses.
If you believe you were a victim of broker misconduct involving LaSalle St. Securities, please call 888-637-5510 for a free consultation.
Visit us online at whitesecuritieslaw.com
Frequently Asked Questions (FAQs) – LaSalle St. Securities
1) What does it mean that LaSalle has 20 “disclosures” on BrokerCheck?
“Disclosures” are reportable events such as regulatory actions, arbitrations, civil proceedings, or certain financial matters. They don’t prove liability by themselves, but a higher number can signal supervisory or compliance issues worth investigating.
2) Can I bring a claim against LaSalle even if my broker has left the firm or been barred?
Yes. Firms can be held liable for failing to supervise associated persons. Claims often proceed against the firm in FINRA arbitration even if the individual broker is no longer registered.
3) How long do I have to file a FINRA arbitration claim?
Deadlines vary. FINRA’s eligibility rule generally bars claims filed more than six years after the events at issue, and state statutes of limitation may be shorter. You should consult counsel promptly to preserve your rights.
