Charles Doraine Has Pending Customer Complaint Alleging Damages Of $2.5 Million
The Wolper Law Firm is currently investigating claims against Charles Doraine, a former Financial Advisor at Merrill Lynch in Corpus Christi, Texas. Charles Doraine has been in the securities industry since the 1970s and has worked for Merrill Lynch for the entirety of his career.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 15, 2018, a customer filed a complaint against Charles Doraine alleging that he “made in and out mutual fund trades that were unsuitable for a low risk tolerance account.” The alleged damages are $2.5 million and the matter remains pending.
Charles Doraine has a history of customer complaints and a regulatory sanction. In 2007, Charles Doraine was sanctioned by the National Association of Securities Dealers for allegedly engaging in unauthorized trading. In addition, he was the subject of four customer complaints, alleging unsuitable recommendations and unauthorized trading. The four complaints were settled for $400,000, $350,000, $100,000 and $53,000, respectively.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Charles Doraine and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.