Erez Law is currently investigating Commonwealth Financial Network financial advisor Lloyd Henry Dotson (CRD# 2551716) regarding private securities transactions and conducting outside business activities. Dotson has been registered with Commonwealth Financial Network in New Canaan, Connecticut from 2006 before he was fired in June 2016 after allegation that he engaged in multiple outside business activities where he used an alias to promote participation in multi-level marketing programs (also known as pyramid schemes) without providing written notice and approval from Commonwealth Financial Network. FINRA has barred Dotson from acting as a broker or otherwise associating with firms that sell securities to the public.
According to the Acceptance, Waiver & Consent, in April 2017, FINRA found that Dotson engaged in outside business activities and private securities transactions. In a video that surfaced on vimeo.com as testimonies for two digital marketing firms, Six Figure Sage and Digital Experts Academy, Dotson called himself “six-figure sage” and explained that he is a senior managing partner of a multi-million dollar financial services firm who branched out to become what he described as a digital entrepreneur.
In 1997, Dotson was arrested and charged with a misdemeanor for unemployment compensation fraud.
Dotson has been the subject of two customer complaints in 2001, according to his CRD report:
- September 2001. “Breach of contract, fraud, breach of fiduciary duty, misrepresentation, omission of facts, suitability, negligence.” The client sought $1,814,472 in damages, and the claimant and respondent entered into a confidential agreement regarding this case.
- August 2001. “Client alleges unsuitable investments. Damages are not specified but believed to be in excess of $5,000.” This case was denied.
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, Commonwealth Financial Network may be liable for investment or other losses suffered by Lloyd Henry Dotson’s customers.
Erez Law represents investors in the United States for claims against Commonwealth Financial Network financial advisor Lloyd Henry Dotson, who is alleged to engage in outside business activities. If you were a client of Commonwealth Financial Network financial advisor Lloyd Henry Dotson 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.