Dominic Thomas DeBruin, of Mesa, Arizona, a stockbroker registered with LPL Financial LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that DeBruin failed to cooperate in a FINRA investigation into allegations that DeBruin engaged in unauthorized private securities transactions or selling away. Letter of Acceptance, Waiver and Consent, No. 2016051522501 (Nov. 11, 2016).
According to the AWC, on October 3, 2016, FINRA was informed by LPL Financial via Form U5 that DeBruin, a stockbroker who had previously resigned from LPL on September 13, 2016, had been internally investigated by LPL regarding funds which were deposited into a bank account that DeBruin had control over, where such monies had possibly been associated with unauthorized private securities transactions. FINRA launched an investigation into DeBruin’s conduct accordingly.
The AWC stated that DeBruin was sent letters from FINRA on October 3, 2016, as well as October 24, 2016, in which DeBruin was instructed per FINRA Rule 8210 to provide information and documentation to FINRA that pertained to the allegations of DeBruin’s misconduct. Apparently, on October 17, 2016, personnel for FINRA requested that DeBruin provided recorded testimony, pursuant to FINA Rule 8210.
DeBruin’s counsel reportedly responded to FINRA personnel on October 31, 2016, communicating that DeBruin received FINRA’s requests for testimony as well as information and documentation, but that DeBruin would not be providing such at any point. FINRA found that DeBruin’s failure to cooperate in this regard was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.
Since 1996, DeBruin has been associated with eight different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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.
