A NEXT Financial Group financial advisor was recently barred by FINRA and one of the FINRA Brokercheck customer disputes included allegations of unsuitable recommendations including concentration issues in Puerto Rico bonds The Financial Regulatory Authority (FINRA) regulates broker-dealer firms and the FINRA-registered employees of those firms. See Charles Doraine (CRD# 70411), Mr. Doraine was employed by NEXT Financial Group, Inc. in Corpus Christi, TX from 2—7-2019, he has since been barred by FINRA from working as a broker or associating with a broker-dealer firm.
NEXT Financial Group was acquired by Atria Wealth Solutions in June 2019. NEXT Financial Group has a history of state and federal regulatory and customer dispute issues. NEXT Financial Group is based in Houston, TX. and has 538 financial advisors nationwide, handling 16,000 customer accounts with nearly $2.4 billion in assets under management according to Brightscope.
Investment losses associated with unsuitable recommendations of Puerto Rico bonds and mutual funds with Puerto Rico bond exposure are the types of claims where the attorneys at Haselkorn & Thibaut, P.A. can assist investors. The Puerto Rico economy had been in decline for several years and Puerto Rico and its agencies borrowed some $70 billion in the municipal bond market. Much of it was marketed to retail investors and some were packaged into mutual funds and other securities products including bond mutual funds that were also sold to investors often without notifying investors that these were becoming extremely risky investments. By 2013, the Puerto Rico financial situation was reaching a breaking point and what has followed began with credit downgrades and has not been positive for many investors.
The problem in many instances comes down to sales practice issues and negligent supervision where investment products were sold by financial advisors without proper risk disclosures, or with unsuitable concentration levels or inappropriate investment strategies. Sometimes the recommendations by financial advisors that arise in these types of claims involve individual investment concentration, geographic concentration, and similar type issues that translate into too many eggs in one basket. If those issues are indicative of sales practice and/or supervision issues, investors may be able to recover their investment losses.
NEXT Financial Group Investors Seeking to Recover Losses
For some investors, a private FINRA arbitration customer dispute enables them to bring a claim and potentially recoup their investment losses with NEXT Financial Group. These customer disputes typically involve only paper discovery and no depositions, and they are generally faster and more efficient compared to traditional court litigation, as they provide a private forum to resolve disputes more quickly and efficiently.
About Haselkorn & Thibaut, P.A.
Haselkorn and Thibaut, P.A. is a nationwide law firm specializing in handling investment fraud and securities arbitration cases. The law firm has offices in Palm Beach, Florida, on Park Avenue in New York, as well as in Phoenix, Arizona, Houston, Texas, and Cary, North Carolina. The two founding partners have nearly 45 years of legal experience.
Haselkorn & Thibaut, P.A. has filed numerous (private arbitration) customer disputes with the Financial Industry Regulatory Association (FINRA) for customers who suffered investment losses relating to issues similar to those matters mentioned above. There are typically no depositions involved, and those cases are typically handled on contingency with no recovery, no fee terms. Experienced attorneys at Haselkorn & Thibaut, P.A. are available for a free consultation as a public service. Call today for more information at 1 888-628-5590 or visit our website and email us from there at www.investmentfraudlawyers.com.
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