Charles Lawrence Doraine of Corpus Christi, Texas, a stockbroker registered with Next Financial Group Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $352,564.00 in damages based upon allegations that Doraine made unsuitable recommendations of variable annuities and mutual funds during the time that Doraine was associated with Next Financial Group Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02841 (December 15, 2020).
FINRA Public Disclosure shows that Doraine is referenced in six other customer initiated investment related disputes concerning Doraine’s conduct while associated with securities broker dealers, including Merrill Lynch Pierce Fenner Smith Inc. and Next Financial Group Inc. On September 11, 2002, a NASD securities arbitration claim involving Doraine’s conduct was settled for $350,000.00 in damages based upon allegations that Doraine churned the customer’s account and made unsuitable recommendations of mutual funds when Doraine was associated with Merrill Lynch Pierce Fenner Smith Inc. NASD Arbitration No. 01-06460.
FINRA Public Disclosure also shows that Doraine has been barred from associating with any FINRA member in any capacity because Doraine failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2018059323201 (April 27, 2020).
According to the AWC, in connection with an investigation by FINRA concerning allegations that Doraine had made unsuitable recommendations to customers, FINRA sent Doraine a request to appear for testimony on April 22, 2022. On that day, Doraine indicated through his counsel that he had received FINRA’s request but would not appear for testimony at any time. Doraine violated FINRA Rules 2010 and 8210.
On May 9, 2006, a NASD securities arbitration claim involving Doraine’s conduct was settled for $400,000.00 in damages based upon allegations that Doraine made unsuitable recommendations, churned the customer’s account, and made misrepresentations of material fact in connection with the sale of over-the-counter equities when Doraine was associated with Merrill Lynch Pierce Fenner Smith Inc. NASD Arbitration No. 05-02963.
Doraine was also referenced in a FINRA securities arbitration claim that was settled for $375,000.00 in damages based upon allegations that Doraine made unsuitable recommendations of municipal bonds and mutual funds when Doraine was associated with Next Financial Group Inc. FINRA Arbitration No. 18-01554 (December 19, 2018).
On February 10, 2020, a FINRA securities arbitration claim involving Doraine’s conduct was settled for $3,050,000.00 in damages based upon allegations that Doraine engaged in excessive trading and made unsuitable recommendations of municipal bonds and mutual funds during the time that Doraine was associated with Next Financial Group Inc. FINRA Arbitration No. 18-03088.
Doraine was associated with Next Financial Group Inc. in Corpus Christi, TX, as a stockbroker from March of 2007 to September of 2019.
