Charles Lawrence Doraine of Corpus Christi, Texas, a stockbroker currently registered with Next Financial Group, Inc., is referenced in a customer initiated investment related arbitration claim where the customer sought $2,500,000.00 in damages founded on allegations that between 2012 and 2017, Doraine engaged in a pattern of in-and-out trading with respect to the customer’s mutual fund investments, which the customer contended was not suitable given the customer’s conservative tolerance for risk. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01554 (May 15, 2018).
FINRA Public Disclosure confirms that Doraine is referenced in four more customer initiated investment related disputes pertaining to accusations of his violative conduct during the period that he was employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated.
In particular, a customer initiated investment related arbitration claim concerning Doraine’s conduct was resolved for $350,000.00 in damages founded on allegations that unsuitable mutual fund trades had been placed in the customer’s investment account, and the customer’s investment portfolio had been churned. National Association of Securities Dealers (NASD) Arbitration No. 01-06460 (Sept. 11, 2002).
Another customer initiated investment related arbitration claim involving Doraine’s activities was settled for $400,000.00 in damages based upon accusations that Doraine made unauthorized over-the-counter equities transactions in the customer’s account, churned the customer’s investment portfolio, and made misrepresentations to the customer. National Association of Securities Dealers (NASD) Arbitration No. 05-02963 (May 9, 2006).
Moreover, FINRA Public Disclosure reveals that Doraine has been previously suspended from associating with any NASD member in any capacity based upon consenting to findings that between August 1, 2004 and November 30, 2004, during the time Doraine was associated with Merrill Lynch, he executed one-hundred and forty-four trades in a customer’s investment portfolio despite lacking required written authorization from the customer. Letter of Acceptance, Waiver and Consent No. 2005002388201 (Apr. 27, 2007).
NASD found Doraine’s conduct violative of NASD Conduct Rules 2510(b) and 2110.
Doraine has been registered with Next Financial Group, Inc. since March 26, 2007.
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