Published On: February 7, 2017

Recently, the Financial Industry Regulatory Authority (FINRA) barred Dominic DeBruin, a former broker registered with LPL Financial. Allegedly, DeBruin was under internal review for depositing client funds related to potential private securities transactions undisclosed to the firm into a bank account he controlled. His outside activities and private transactions included Capricorn Partners, Out of Order LLC, Goodlife Financial Group, and Top 5 Entertainment. A broker selling outside securities is sometimes referred to as “selling away,” and is a tactic used by brokers to make large commissions for themselves that they do not have to share with their brokerage firm. It is against securities rules and regulations and the brokerage firm can be held responsible for losses if your broker sells away. The brokerage firm has an ironclad obligation to oversee its brokers to make sure they do not sell away. The firm can be held liable in the FINRA arbitration forum on a contingency fee basis. The call is free with no obligation. 312-332-4200.

DeBruin was registered with First Hanover Securities, Continental Broker-Dealer Corp, Argent Securities, Paragon Capital Corp, Paulson Investment Company, Prudential Investment Management Services, Waddell & Reed and LPL Financial in Mesa, Arizona from October 2012 until October 2016. He has been permanently barred from the industry, according to his online FINRA BrokerCheck report.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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