Erez Law is currently investigating Dougherty & Company LLC financial advisor Michael Timothy Dolan (CRD# 1209079) regarding outside business activities. Dolan has been registered with Dougherty & Company LLC in Minneapolis, Minnesota since 1997.
In December 2016, Dolan was named a respondent in a FINRA complaint alleging that he sold least $850,000 of membership interests in a hedge fund to six customers, five of whom were customers of Dougherty & Company LLC, without providing prior notice to the firm. This type of wrongful conduct is called “selling away”. These activities violated Dougherty & Company LLC’s written policies and procedures. Dolan was ordered to pay $25,000 in penalties to Dougherty & Company LLC, complete training courses and remains subject to special supervision.
Dolan has been the subject of one other customer complaint, according to his CRD report:
December 2008. “Clients allege unauthorized trading, breach of fiduciary duty and breach of contract in three purchases of Thornburg mortgage corporation, listed on NYSE, during the period November 2007 through March 2008.” The client sought $54,173.05 in damages and the case was settled for $30,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Dougherty & Company LLC may be liable for investment or other losses suffered by Dolan’s customers.
Erez Law represents investors in the United States for claims against Dougherty & Company LLC financial advisor Michael Timothy Dolan, who is alleged to participate in outside business activities. If you were a client of Dougherty & Company LLC financial advisor Michael Timothy Dolan or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.