Charles Doraine: Investor Seeks $2.5 Million in Mutual Fund Complaint

Charles DorainePublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 23, 2018 indicate that Texas-based Next Financial Group broker/adviser Charles Doraine has been involved in resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Doraine (CRD# 70411).

Charles Doraine has spent 45 years in the securities industry and has been registered with Next Financial Group in Corpus Christi, Texas since 2007. Previous registrations include Merrill Lynch in Corpus Christi, Texas (1978-2007) and Merrill Lynch (1972-1978). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on August 7, 1995; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on April 21, 1989; PC (AMEX Put and Call Exam), which he obtained on May 1, 1977; and Series 1 (Registered Representative Examination), which he obtained on December 13, 1972. He is a registered broker and investment adviser with eleven US states and territories: California, Connecticut, Florida, Georgia, Illinois, Maryland, Nevada, New Jersey, New York, Texas, and Washington.

According to his BrokerCheck report, he has received four customer complaints, one pending customer complaint, and one regulatory sanction.

In May 2018 a customer alleged Charles Doraine, while employed at Next Financial Group, executed unsuitable in and out mutual fund transactions. The customer is seeking $2,500,000 in damages in the pending complaint.

In 2007 the National Association of Securities Dealers (NASD) sanctioned him following allegations he executed trades in a public customer’s account per the instructions of a third party who was authorized verbally but not in writing to execute transactions in the account. He was issued a fine of $5,000 and a five-day suspension.

In 2005 a customer alleged Charles Doraine, while employed at Merrill Lynch, made unauthorized transactions, churned the account, and misrepresented material facts. The complaint settled in 2006 for $400,000.

In 2001 a customer’s executrix alleged Charles Doraine, while employed at Merrill Lynch, churned investments and recommended unsuitable trades. The complaint settled in 2002 for $350,000.

In 1989 a customer alleged he recommended unsuitable investments. The complaint settled in 1992 for $53,000.

In 1989 a customer alleged he, while employed at Merrill Lynch, recommended unsuitable trades and executed unauthorized transactions. The complaint settled for $100,000.

If you or someone you know has lost money investing with Charles Doraine, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.