CHARLES DORAINE Barred by FINRA

CHARLES LAWRENCE DORAINE (CHARLES DORAINE) CRD#: 70411, a former NEXT Financial Group broker from Corpus Christi, Texas, was barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm on April 27, 2020.
According to FINRA, without admitting or denying FINRA’s findings, CHARLES DORAINE consented to the sanction and to the entry of findings that he allegedly refused to provide on-the-record testimony requested by FINRA in connection with its investigation of his alleged suspected unsuitable recommendations of short-term trading in mutual fund A shares, short-term trading of Puerto Rican municipal bonds, and over-concentration of client accounts in Puerto Rican municipal bonds.
Puerto Rican bonds were very popular with investors because they were tax-free, but hedge funds and debt buyers began buying up the debt as Puerto Rico's economy worsened and its credit rating dropped. Between March 2011 and October 2013, the funds lost value and have failed to recover. These bonds were sold to investors often without making the client aware of the extremely risky nature of the bonds.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, CHARLES DORAINE has 9 Disclosures on his CRD report. Of the 9 Disclosures, 2 are Regulatory and 7 are Customer Disputes.  All Customer Disputes have settled except for the last one filed which is still pending with the damage amount requested for $500,000.00.  Millions of dollars total were requested by all of these disputes.
In September of 2018, a dispute was filed against Doraine alleging, “Claimants allege that during the period 2012 through 2015, Registered Representative excessively traded bonds and mutual funds and recommended an unsuitable concentration in Puerto Rican bonds.” This dispute settled for $3,050,000.00.
CHARLES DORAINE has been registered in the securities industry for 46 years and was listed with 3 firms, the most recent is listed below:
03/26/2007 - 09/30/2019 NEXT FINANCIAL GROUP INC. - CORPUS CHRISTI, TX
If you’ve suffered losses in Puerto Rican bonds, recommended by CHARLES DORAINE formerly with NEXT Financial Group of Corpus Christi, Texas, or any other broker/dealers, contact Soreide Law Group (888) 760-6552 for a free consultation on how you may be able to recover your losses. Soreide Law Group is experienced in Puerto Rican bond cases and has represented clients both nationally and internationally.