Securities Arbitration Lawyers BlogFormer LPL Financial Broker Paul E. Dorion Under Investigation After FINRA Bars Him
Silver Law Group is investigating former Vermont-based LPL Financial LLC (CRD# 6413) broker Paul E. Dorion (CRD# 1103701) after FINRA permanently barred him
According to Dorion’s FINRA BrokerCheck report, FINRA permanently barred Dorion from acting as a broker or otherwise associating with firms that sell securities to the public after he failed to respond to a FINRA request for information.
The permanent bar follows a discharge by LPL Financial in October 2015 after Dorion allegedly placed unauthorized trades in an LPL Financial customer account. Further, LPL Financial, according to the BrokerCheck report, had concerns over concentrated equity positions in client accounts and alleged Dorion failed to respond to LPL Financial’s compliance representatives.
Leading up to the discharge, Dorion racked up over $100,000 in tax liens and judgments. Since the discharge, two customers have filed complaints against Dorion. One settled in May 2016 for over $75,000 and the other is currently pending. Both FINRA arbitration complaints allege unauthorized and excessive trading (churning).
LPL Financial employed Dorion from 1992 to his discharge. Dorion worked out of the Killington, Vermont branch. According to Dorion’s detailed CRD report, Dorion also ran his own tax/accounting business called Dorion Associates and was also employed by LINSCO/Private Ledger Corp.
When a customer opens an account with a broker and brokerage firm, the customer can choose whether or not he or she wants to give the broker to trade discretionarily in order to capitalize as quickly as possible on an ever-changing market or other reasons. Often times, customers choose to reserve that right and have the final “OK” before a broker facilitates a transaction.
Unauthorized trading is when a broker facilitates a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.
Unauthorized discretion is a serious form of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.
If you have invested with Paul E. Dorion and LPL Financial LLC and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.