Daren F. Dorval, of Staten Island, New York, a stockbroker with Legend Securities Inc., has been named in a pending customer initiated investment related arbitration claim on April 10, 2015, in which a customer requested $150,000.00 in damages based upon allegations against Dorval of making false statements to the customer concerning investments, failing to abide by the customer’s instructions, churning of the customer’s account, improperly utilizing the customer’s margin account, and effecting transactions in the customer’s account despite not having requisite authorization.
FINRA Public Disclosure reveals that Dorval has been previously named in eight other customer initiated investment related arbitration claims. Specifically, on November 1, 2013, a customer requested $77,500.00 in damages per a customer initiated investment related arbitration claim in which Dorval was alleged to have failed to abide by the customer’s instructions, excessively traded the customer’s account, and mismanaged the customer’s investments.
On August 14, 2013, Dorval settled a customer initiated investment related arbitration claim for $45,000.00 based upon allegations against Dorval of effecting transactions in the customer’s account without authorization. On January 20, 2009, Dorval settled a customer initiated investment related arbitration claim for $30,000.00 in damages based upon allegations against Dorval of effecting unauthorized trades in the customer’s account, and failing to follow the customer’s instructions. Dorval was also alleged to have effected unauthorized trades in a customer account per a customer initiated investment related arbitration claim on January 23, 2006, in which the customer requested $21,500.00 in damages as a result.
On July 27, 2010, Dorval was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made unauthorized trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 20080135065-01 (July 27, 2010). Apparently, in 2007, while Dorval worked in the capacity of an account representative for vFinance, he effected trades in a customer’s account by taking instructions from another individual related to the customer who did not have trading authority in the customer’s account. FINRA found that Dorval’s conduct was violative of NASD Rules 2110 and 2510(b).
Guiliano Law Group
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