Next Financial Group, Inc. Financial Advisor Charles Doraine Received $2.5 Million Customer Complaint for Mutual Fund Trades
Posted on Wednesday, September 12th, 2018 at 10:43 am
Erez Law is currently investigating Next Financial Group, Inc. financial advisor Charles Doraine (CRD# 70411) regarding unsuitable mutual fund trades. Doraine has been registered with Next Financial Group, Inc. in Corpus Christi, Texas since 2007.
In May 2007, Doraine was suspended for five days and sanctioned to civil and administrative penalties and fines of $5,000 regarding findings that he effected trades in a public customer’s account pursuant to instructions from a third party who, although verbally authorized to trade the account, was not authorized in writing to execute transactions on the account.
Doraine has been the subject of five customer complaints between 1989 and 2018, according to his CRD report. The recent complaint is regarding:
May 2018. “Customer alleges that from October 2012 through 2017, registered representative made in and out mutual fund trades that were unsuitable for a low risk tolerance account.” The customer is seeking $2.5 million in damages and the case is currently pending.
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, Next Financial Group, Inc. may be liable for investment or other losses suffered by Doraine’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.