Charles Lawrence Doraine of Corpus Christi Texas a stockbroker formerly registered with Next Financial Group Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $500,000.00 in damages founded on accusations that between 2012 to 2018: (1) the customer’s diminished capacity had been exploited by the stockbroker (2) mutual fund switches were inappropriate and (3) the customer was provided bad advice from Doraine as it pertained to a variable annuity that the stockbroker sold during the time that he was employed by Next Financial Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02841 (Sept. 30, 2019).
FINRA Public Disclosure reveals that Doraine is referenced in seven additional customer initiated investment related complaints containing allegations of Doraine’s wrongdoing while employed by Merrill Lynch and Next Financial Group. In particular, a customer initiated investment related arbitration claim concerning Doraine’s conduct was resolved for $100,000.00 in damages based upon accusations of trades being made without the customer’s knowledge or consent; and transactions having been inappropriate given the customer’s objectives, risk tolerance or overall circumstances.
Another customer initiated investment related arbitration claim concerning Doraine’s activities was settled for $350,000.00 in damages supported by allegations of unsuitable mutual fund trading by the stockbroker; and the customer’s account being churned during the period in which Doraine was associated with Merrill Lynch. Also, a customer initiated investment related arbitration claim involving Doraine’s conduct was resolved for $400,000.00 in damages founded on accusations that false or misleading statements had been made concerning the terms, risks or other aspects of over-the-counter equities transactions; and trades were executed by the stockbroker on an excessive and unauthorized basis.
Doraine is the subject of another customer initiated investment related arbitration claim where the customer requested $10,000,000.00 in damages based upon allegations that Doraine traded mutual funds and bonds in excessive amounts; and he made recommendations which were wholly unsuitable for the customer and had caused the customer to experience unwarranted losses. FINRA Arbitration No. 18-03088 (Sept. 12, 2018). In addition, a customer initiated investment related arbitration claim in regard to Doraine’s conduct was settled for $375,000.00 in damages supported by accusations that between October of 2012 and 2017, when Doraine was associated with NEXT Financial Group, in-and-out mutual fund trades effected in the customer’s account were unsuitable given the customer’s risk aversion. FINRA Arbitration No. 18-01554 (Dec. 19, 2018).
FINRA Public Disclosure also confirms that Doraine has been fined and suspended by National Association of Securities Dealers (NASD) based upon findings that he engaged in unauthorized trading in Merrill Lynch customer accounts; conduct violative of NASD Rules 2510(b) and 2110.
Doraine’s employment with Next Financial Group Inc. has been terminated as of September 30, 2019.
