FINRA Bars LPL Financial Broker In Investigation
Paul Edward Dorion of Killington Vermont a stockbroker formerly employed by LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Dorion failed to respond to FINRA’s inquiry. FINRA Case No. 2015047608601 (Oct. 31, 2016).
According to FINRA Public Disclosure, a request for Dorion’s information had been made by FINRA personnel following LPL Financial LLC having discharged Dorion. Dorion was discharged by the firm on October 1, 2015, based on accusations that: Dorian raised the firm’s concerns about his allocations of equities in LPL Financial LLC customer accounts; Dorian engaged in unauthorized trading of customer accounts; Dorian failed to conform to the firm’s policies; and Dorian failed to cooperate with inquiries made by the compliance department of the firm.
FINRA contacted Dorion for information about his activities in the securities industry; however, Dorion failed to respond to FINRA’s requests. Consequently, FINRA issued Dorion a Notice of Suspension letter dated July 27, 2016, and later issued Dorion a Suspension from Association letter dated August 22, 2016, which precluded Dorion from associating with any FINRA members in any capacity.
FINRA provided Dorion three months from the time that he was issued a Notice of Suspension to comply with its requests. By that time, FINRA reportedly warned Dorion about his continued failure to comply becoming the basis to automatically bar him in all capacities. Nevertheless, Dorion failed to cooperate with FINRA, and was barred October 31, 2016.
FINRA Public Disclosure reveals that Dorion is referenced in two customer initiated investment related disputes pertaining to allegations of his misconduct while employed with LPL Financial LLC. Specifically, on August 5, 2016, a customer initiated investment related complaint involving Dorion’s activities was settled for $74,475.00 in damages based upon accusations that the customer’s account had been churned, low-priced securities transactions were effected in the customer’s account on an aggressive and unwarranted basis; and the firm failed to supervise the equities transactions in the customer’s account.
Then, on June 26, 2017, a customer initiated investment related complaint involving Dorion’s conduct was resolved for $225,000.00 in damages supported by allegations that Dorion executed excessive trades in the customer’s account and inappropriately maintained proceeds from a mortgage in the customer’s investment account.