The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Legend Securities broker Darren F. Dorval to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Dorval has been registered in the securities industry since 2001. Over the years, he has been registered with 4 brokerage firms: J.P. Turner and Company LLC, VFinance Investments Inc., Legend Trading LLC and, most recently, Legend Securities Inc. During that period, the FINRA BrokerCheck report indicates that Mr. Dorval has been the subject of one Regulatory Event, one Criminal Event and 6 Customer Disputes, one of which was pending as of August 24, 2016.
The Regulatory Events include one FINRA enforcement action for allegedly exercising discretionary power in an account without having received proper written authorization from the customer which was settled with sanctions of a censure and fine.
The Criminal Event related to charges involving possession of controlled substance which resulted in a three-year probation sentence in 1998.
There were 3 customer disputes with allegations of unauthorized trading in violation of FINRA rules that have supposedly settled for amounts ranging from $30,000 to $77,000. Two customer disputes were rejected by the brokerage firm VFinance and supposedly no further action was taken by the customers. There it is one pending arbitration reportedly filed against Mr. Dorval for the allegedly doing business in Florida without a license, making false statements, engaging in unauthorized transactions, churning, stock manipulation and the improper use of margin while he was employed at Legend Securities. We believe that Mr. Dorval's employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Dorval contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.