Lee Robert Donais (CRD #2347440) was a registered broker with SCF Securities, Inc. (CRD #47275) of Lighthouse Point, FL, since 2012 through May 2018. His previous employers include Brookstone Securities, Inc. (CRD #13366), brokersXpress LLC (CRD #127081, now defunct), and LPL Financial Corporation (CRD #6413), also of Lighthouse Point, Florida. Donais has been in the industry since 1993.
On 4/17/2018 a client filed a complaint against Donais alleging “unsuitable investment recommendations,” and has requested damages of $200,000. This dispute is currently pending.
Donais has two employment separations. The first, from brokersXpress on 5/10/12, was due to Donais signing a customer’s name to a form for an IRA withdrawal. The customer, he claimed, requested Donais’ signature on the form because he was on travel and didn’t have access to a fax machine or other equipment to submit his own signature. Since the customer was enroute to a property closing in North Carolina, the transaction was necessary for the anticipated closing on May 10, 2012. When contacted by a company representative inquiring about the signature, he admitted signing the form at the customer’s request.
Donais’s previous employment separation came on 10/30/2009 from LPL Financial. Donais was permitted to resign, according to FINRA, “based upon inappropriate correspondence to clients relative to instituting a claim against him if their account values did not rebound favorably.” Six weeks prior to his resignation, a customer filed a complaint alleging that Donais and LPL put her into “unsuitable investments,” causing severe economic losses. Although Donais was not personally named in the arbitration, the firm settled for damages of $100,000.
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