Lee Robert Donais of Lighthouse Point Florida a stockbroker formerly registered with SCF Securities Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $200,000.00 in damages supported by allegations that unsuitable investment recommendations were made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01271 (Apr. 17, 2018).
FINRA Public Disclosure additionally reveals that a customer initiated investment related arbitration claim concerning Donais’ conduct was settled for $150,000.00 in damages founded on accusations of poor performance, suitability and misrepresentation in reference to insurance products, options, mutual funds, bonds and over-the-counter equities investment transactions executed in the customer’s account while Donais was associated with Mutual Service Corporation. National Association of Securities Dealers (NASD) Arbitration No. 00-04675 (Jan. 16, 2002).
Thereafter, a customer initiated investment related arbitration claim involving Donais’ activities was resolved for $100,000.00 in damages based upon allegations that while Donais was associated with LPL Financial LLC, Donais placed the customer in equities and options products that were not suitable for the customer and had failed to apprise the customer about risks of investments. FINRA Arbitration No. 09-04764 (Mar. 30, 2010).
Donais was terminated from LPL Financial supported by accusations that he utilized unauthorized communication vehicles to interact with customers of the firm. Donais was discharged from a subsequent employer, BrokersXpress, Inc., founded on allegations that he violated the firm’s policies by impermissibly utilizing a customer’s signature on account documentation to effect investment transactions. Donais’ employment with SCF Securities has been terminated as of May 31, 2018.
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