Paul J. Dumouchel of Wellesley, Massachusetts, was accused of convincing an 82-year-old woman with Alzheimer’s to withdraw more than $1 million from bank CD accounts and transfer the money into other investments so that he could then collect thousands of dollars in commission payments. Dumouchel has been barred by the Financial Industry Regulatory Authority (FINRA) from association with any FINRA member in any capacity.
At the time, Paul Dumouchel, was working for Maryland-based broker-dealer H. Beck in Wellesley. According to state regulators, in 2010, Paul J. Dumouchel's elderly client took nearly $1.5 million out of CD and other bank accounts, put most of the money in annuities, and $450,000 in mutual funds. According to the investigation, Dumouchel drove her to several local banks to help complete the transactions.
Dumouchel profited from these transactions by nearly $63,000 in commissions.
In 2012, H. Beck was fined by state regulators $90,000 for failure to supervise Dumouchel, and ordered the firm to pay back the investor plus interest and penalties. The state also banned Dumouchel from registering as a broker dealer in Massachusetts and ordered him to disgorge some of the gains he made in the transactions.
If you or an elderly family member have experienced losses through your broker/financial advisor, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses: 888-760-6552.
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