DAIN FARRELL STOKES (Dain Stokes) CRD#: 2960801, formerly with LPL Financial LLC of Bedford, New Hampshire, allegedly solicited two of his clients to invest in a phony African charity in which Stokes claimed that the singer, Taylor Swift, was personally involved. Dain Stokes was terminated August 28, 2019, by LPL Financial in Bedford, New Hampshire, after ten years of employment.  According to FINRA’s BrokerCheck, LPL Fianancial terminated Stokes due to the following allegations, “Termination in connection with State of NH suspension of investment adviser agent and broker-dealer representative license.” Stokes currently is facing an injunction and an asset freeze in New Hampshire by the bureau of securities regulation.

Dain Stokes had his license suspended August 26, 2019, was fined $20,000, and ordered to pay $201,000.00 plus interest in restitution to his clients by the New Hampshire Department of State Bureau of Securities Regulation. In August one of Stokes’ clients filed a police report alleging fraud related to a $201,000.00 investment project. According to the FINRA report, “Client provided copies of cancelled checks, unsecured promissory notes, and text messages to the Policy Department that corroborated the complaint. According to the police report, Representative approached client for an investment in an “outside project” where the Representative was in charge of the “financial end of the project”. On three occasions, client wrote checks payable to Representative who in return executed unsecured promissory notes promising returns. Upon information and belief, Representative did not utilize the monies invested by client as intended.”

According to the reports from New Hampshire, Dain Stokes solicited a total of at least $576,000 from two clients to invest in the African charity and claimed their investments would generate a 20% return. Stokes also allegedly claimed Bill Gates and other famous people were involved in the charity. There is no evidence to support the African charity exists, and the bureau of securities regulation said they believe Stokes misappropriated the investor money by transferring their funds to various people across the country and used some of the investors’ money for his own personal expenses. Dain Stokes’ assets have been frozen and he was ordered not to contact the clients involved in the so-called African charity.

According to FINRA’s BrokerCheck, Dain Stokes, has 5 Disclosures on his CRD report. Stokes has been in the securities industry for 21 years and was listed with 4 firms, the most recent listed below:

06/08/2009 – 09/25/2019  LPL FINANCIAL LLC – BEDFORD, NH

05/09/2000 – 06/10/2009  EDWARD JONES – MANCHESTER, NH

If you suffered financial losses due to this alleged scam initiated by Dain Stokes, formerly of LPL Financial of Bedford, New Hampshire, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis—no fee to you if no recovery.