FINRA Barred John Dougherty (Wells Fargo, LPL Financial)

Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker John Aloysius Dougherty (also known as Jack Dougherty) [CRD: 3018615, Blue Bell, Pennsylvania], given the disclosures on FINRA BrokerCheck. Evidently, Dougherty worked for LPL Financial LLC from January 4, 2021, to August 11, 2023, and for Wells Fargo Clearing Services LLC from April 26, 2013, to January 13, 2021. Continue reading to learn more about Dougherty’s disclosures.

Dougherty Refused To Cooperate With FINRA

Specifically, on December 1, 2023, FINRA issued Case: 2023077908201 barring John Dougherty as a securities broker. Notably, FINRA alleged that Dougherty failed to provide information and documents requested pursuant to FINRA Rule 8210 in connection with FINRA’s examination into whether Dougherty engaged in undisclosed outside business activities and private securities transactions.

Outside Business Activities Investigation Into John Dougherty

This request was part of an examination into whether Dougherty had engaged in activities away from LPL Financial LLC without disclosure and conducted private securities transactions without approval from the firm. Both actions are considered violations of firm policies and regulatory standards, leading to his termination from LPL Financial LLC and expulsion from the securities industry.

However, FINRA could not determine whether he in fact engaged in selling away activities. This is because the broker failed to cooperate in the investigation.

Dougherty Disclosed Unsuitable Trading Allegations By Wells Fargo Clearing Services LLC Client

Particularly, a client of Wells Fargo Clearing Services LLC contested John Dougherty’s sales practices by filing Civil Suit: 2023-CP-40-00242 on January 19, 2023. Allegedly, Dougherty placed the client in unsuitable, high-risk investments and failed to provide him with necessary documentation and disclosures as required. It appears that Dougherty caused the client to sustain damages. For this reason, the client seeks compensation.

Seek Legal Advice If Impacted By John Dougherty’s Actions

Did you experience losses because of John Dougherty? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk to a securities lawyer about a possible recovery of your investment losses. Soreide Law Group has assisted hundreds of clients throughout the country, works on a contingency fee basis, and advances all costs. Dougherty and brokerage firms he worked for deny accusations of sales practice violations.