Lawrence Steinberg: $1mm Complaint Against Cabin Advisor

Pasadena, California financial advisor Lawrence Steinberg (CRD# 2349876) recently received an investor complaint alleging that he committed fraud in connection with a private placement investment. Financial Industry Regulatory Authority records show that he is registered as a broker with Cabin Securities and an investment advisor with Cabin Advisors.

Mr. Steinberg’s BrokerCheck report discloses two investor complaints. The most recent, filed in August 2026, alleges that as a Cabin Securities representative, he committed fraud, made misrepresentations and omissions of material facts, breached his fiduciary duty, recommended unsuitable investments, and breached contract in connection with the sales of Regulation D private placements. The pending complaint alleges damages of $1,175,546.

In a statement included with the pending complaint’s disclosure, Mr. Steinberg defended himself against the allegations. “The investor alleged that the firm failed to conduct due diligence and did not adequately warn them of the risks of the investments,” he wrote. “The firm conducted robust due diligence and warned them of the risks. The investor worked with a trusted personal licensed tax professional on the features of the investment. The representative did not play a role in the management of the investment. The investor still owns the interests, and has yet to realize any losses from the outcome of the investment.”

An earlier investor complaint, filed in 2016, alleged that as a Berthel Fisher & Company representative, he sold the customer and the customer’s spouse annuity policies “with single coverage instead of the joint survivorship benefits as they had requested.” The complaint reached a settlement of $11,800.

In a statement included with the settled complaint’s disclosure, Mr. Steinberg “categorically” denied wrongdoing. “The annuities I recommended were suitable, consistent with the clients’ objectives and properly configured for maximum income. Regrettably, and without my input, the clients made changes to the annuities which compromised their return,” he wrote. “I settled the matter in mediation for less than the cost of taking the matter through arbitration.”

According to the Financial Industry Regulatory Authority, Lawrence Steinberg holds 33 years of securities industry experience. Based in Pasadena, California, he has been registered as a broker with Cabin Securities since 2019 and an investment advisor with Cabin Advisors since 2022. His past registrations include Claraphi Advisory Network, Newbridge Financial Services Group, Newbridge Securities, Berthel, Fisher & Company Financial, Steinberg Financial Advisers, LPL Financial, Associated Securities, FSC Securities, and SunAmerica Securities. His credentials include the passage of six securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Limited Representative-Private Securities Offerings, or Series 82TO; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 16 state licenses. (Information current as of October 4, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.