CHARLES DORAINE Allegedly Sold Unsuitable Investments

Have you suffered losses by investing with Next Financial Group Inc. securities broker Charles Doraine (CRD#: 70411, Corpus Christi, Texas)? Notably, the Financial Industry Regulatory Authority (“FINRA”) shows on BrokerCheck that at least six clients contested Doraine’s sales practices. Here is a summary of some recent disputes which concern Doraine’s activities since joining Next Financial Group March 26, 2007:

Investor Files FINRA Arbitration Suggesting Charles Doraine Excessively Traded Bonds

 

Evidently, the most recent dispute comes from a NEXT Financial Group Inc. client who complained about Charles Doraine’s actions from 2012 to 2015. Mainly, in FINRA Arbitration #18-03088, which the client filed August 31, 2018, the client suggests Doraine made excessive trades. Supposedly, Doraine made unreasonably frequent trades of municipal bonds and mutual funds. Not only that, but the client alleged that Doraine gave the client bad advice about Puerto Rican bonds. The client purportedly took on a high level of risk from being overconcentrated in the investments. Therefore, the client demanded $10,000,000 in damages in this pending matter.

Next Financial Group Claims Doraine Provided Bad Recommendations

 

FINRA BrokerCheck shows that a second NEXT Financial Group client filed suit over Charles Doraine’s allegedly bad sales practices. Particularly, the client brought FINRA Arbitration #:18-01554. According to the client, from 2012 to 2017, Doraine made unreasonable in-and-out mutual fund trades. Supposedly, Doraine’s trading was unsuitable considering the client’s risk-averse classification. Eventually, Next Financial Group opted to settle the matter on December 19, 2018 by paying the client $375,000.

Also, FINRA BrokerCheck shows that four prior disputes concern allegations of Charles Doraine’s sales practice violations while at broker-dealer, Merrill Lynch. Those claims alleged suitability or churning, misrepresentation, and unauthorized trading. Notably, Merrill Lynch provided a total of $903,000 to those Merrill Lynch clients through four separate settlements.

Suffered Losses From Charles Doraine?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Experienced losses by investing with Charles Doraine? If you have, feel free to contact Soreide Law Group at (888) 760-6552. You’ll be able to speak with experienced counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.