Securities Lawyers Blog
According to BrokerCheck records former financial advisor Charles Doraine (Doraine), currently employed by Next Financial Group, Inc. (Next Financial) has been subject to at least six customer complaints and one regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Doraine concern allegations of unsuitable investments in Puerto Rican bonds and mutual funds.
In September 2018 a customer filed a complaint alleging that during the period 2012 through 2015, Doraine excessively traded bonds and mutual funds and recommended an unsuitable concentration in Puerto Rican bonds causing $10,000,000 in damages. The complaint is currently pending
In May 2018 a customer filed a complaint alleging that from October 2012 through 2017, Doraine made in and out mutual fund trades that were unsuitable for a low risk tolerance account. The customer alleged $2,500,000 in damages and the claim is currently pending.