Charles Doraine

Date:

May 6, 2020

Type of alert:

FINRA AWC  

On April 24, 2020, former general securities representative Charles Doraine submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement agreeing to a bar from associating with member firms for refusing to appear for on-the-record testimony.

According to his FINRA BrokerCheck report, Doraine was associated with two FINRA member firms in Corpus Christi, Texas since obtaining his securities license in 1978. Doraine was associated with Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch) from December 1972 to March 2007 and Next Financial Group, Inc. from March 2007 to September 2019. Shortly after leaving Merrill Lynch, FINRA issued an AWC that ordered Doraine be suspended for five business days and fined $5,000 for effecting approximately 144 trades in a customer’s account through a third party that was not authorized in writing to trade the account.

In April 22, 2020, FINRA Department of Enforcement sent Doraine’s counsel a request that Doraine appear for on-the-record testimony in relation to an ongoing investigation. FINRA was investigating allegations that Doraine made unsuitable recommendations to customers that resulted in: short-term trading in mutual fund A shares and Puerto Rican municipal bonds and overconcentration of customer accounts in Puerto Rican municipal bonds. In an email his counsel sent to FINRA staff, Doraine acknowledged the request to appear for testimony and stated that he would not comply with this request at any time.

By signing the AWC, Charles Doraine consented, without admitting or denying the allegations made against him, to a bar from associating with any FINRA member firm in any capacity. FINRA Department of Enforcement approved the AWC on April 27, 2020.

Take the next steps to find out if you have a claim:

Step 1.

Talk to an Experienced Attorney Today

Call and speak to one of our attorneys* for a no-cost consultation to discuss your situation, answer your questions, and help you determine the next steps. This call usually takes about 15 minutes, but we are happy to talk to you as long as you would like!

Step 2.

Quick Review of Your Paperwork

If we think you might have a case, we will need to review a few basic documents. If we determine you have a case, then you will have the option to hire us as your attorneys to pursue it.

Step 3.

Signed Attorney/Client Agreement

If you decide to hire us to pursue your case, we will have you sign an attorney-client agreement so we can begin the process of trying to recover your losses.*

*In the vast majority of cases, our agreement is contingent – meaning you won’t owe us any money unless we recover money for you.


Request a Consultation

This site contains attorney advertising. The attorneys at ChapmanAlbin are licensed to practice law in Ohio and Michigan. Any reference to past cases or successes made herein should not be construed as a guarantee of any future outcome. Each client and each client’s case is unique, and no result or outcome is or can ever be guaranteed. The information provided in this website is offered for general information purposes only; it is not offered as and does not constitute legal advice in any way. // Disclaimer