Michael Timothy Dolan, of Minneapolis, Minnesota, a stockbroker formerly registered with Doughtery Dawkins LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers’ Hearing Panel Decision containing findings that Dolan sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2013039306601 (Dec. 8, 2017).
According to the Hearing Panel Decision, from October of 2012 to October of 2013, Dolan took part in the sales of five hedge fund membership interests involving six customers. Evidently, RE founded the fund in 2010, and offered investors exposure to a diverse array of small-cap and mid-cap publicly traded equities, with objectives of generating annual returns in the double digits.
The six customers reportedly invested a total of $850,000.00 in the fund.
Dolan reportedly participated in the securities transactions away from the firm through making recommendations that customers correspond with RE about making investments. Apparently, Dolan e-mailed prospective customers to provide them materials about the performance of the hedge fund. He also evidently facilitated meetings between investors and RE, speaking favorably to customers about RE as well as the performance of the fund. The Decision stated that Dolan also provided investors with the subscription agreements for the fund, and instructed investors on making payments to consummate their purchases.
FINRA’s Hearing Panel concluded that Dolan effected the hedge fund membership interest transactions without ever having notified Doughtery Dawkins LLC as he was required to do. Consequently, FINRA found that Dolan’s conduct was violative of NASD Rule 3040.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
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Commonwealth Financial Sued For Suitability
Kenneth Ancell, of Berkeley, California, a stockbroker formerly registered with Commonwealth Financial Network, has been subject of a customer initiated investment related arbitration claim, in which the customer requested $774,038.00 in damages based upon allegations that Ancell made unsuitable investment recommendations to the customer concerning real estate security, equity and direct investment transactions. FINRA Arbitration No. 17-01167 (June 13, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that on April 10, 2016, a customer filed an investment related written complaint concerning Ancell’s conduct, in which the customer requested $17,000.00 in damages based upon allegations that Ancell made misrepresentations to the customer in regard to real estate investment trust products.
Ancell’s registration with Commonwealth Financial Network was terminated as of December 31, 2016. Since January 5, 2017, he has been registered with Geneos Wealth Management, Inc.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
