According to FINRA, LPL Financial broker Dominic Thomas DeBruin (CRD # 2788196) has been barred from the securities industry for depositing client funds into his personal bank account.
DeBruin was allegedly investigated for placing client funds into a bank account he controlled, according to a settlement notice issued Friday by FINRA’s department of enforcement. The funds were reportedly not disclosed to LPL, but were possibly related to a potential private securities transaction, according to the notice.
In settling the matter, DeBruin agreed to be permanently barred without admitting or denying Finra’s findings. When FINRA contacted DeBruin for documents last month, requesting him to appear and give on-the-record testimony, he allegedly declined.
For FINRA’s full findings see FINRA Case # 2788196.
According to DeBruin’s BrokerCheck profile, he first entered the securities industry in 1996. He was registered with LPL Financial in Mesa, AZ from 10/2012 – 10/2016, and with Waddell & Reed in Scottsdale, AZ from 10/2005 – 10/2012. DeBruin had four financial disputes that were settled, according to his profile.
Brokerage firms are required to properly supervise all advisors they employ and to ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that DeBruin’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.
If you suffered losses investing with Dominic DeBruin and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.Tags: Dominic DeBruin barred, Dominic DeBruin complaints, Dominic DeBruin financial advisor, Dominic DeBruin investigation, Dominic DeBruin investment losses, Dominic DeBruin lawsuit, Dominic DeBruin losses, Dominic DeBruin LPL Financial, Dominic DeBruin Mesa AZ, Dominic DeBruin recovery options Last modified: November 15, 2016