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Written by 4:38 pm Blog, Current Investigations

SEC Bars Financial Advisor Dain Stokes

SEC Bars Financial Advisor Dain Stokes, featured by top securities fraud attorneys, The White Law Group

Broker Dain Stokes, LPL Financial in Bedford, NH

SEC Reportedly Bars Dain Stokes for his Alleged Role in Phony African Charity

According to a press announcement this week, the Securities and Exchange Commission has barred broker Dain Stokes, formerly of LPL Financial, after he was suspended from his state securities license for his alleged role in a fake African charity project.

The SEC alleged that Stokes convinced at least two clients to invest a total of $576,000 in a purportedly fraudulent African charity project. He also purportedly claimed that the investments would generate a 20 percent return.

In 2019, New Hampshire Securities Bureau  reportedly suspended Stokes after one of Stokes’ clients allegedly filed a police report purporting fraud related to the project.

Stokes was reportedly ordered to pay restitution to the client in the amount of $201,000.00, plus interest at the legal rate, pay a fine totaling $20,000.00, and pay the Bureau’s cost of investigation and enforcement. New Hampshire also reportedly issued an asset freeze at that time.

His broker report indicates that Stokes was reportedly affiliated with LPL Financial in Bedford, NH from June 2009 until September 2019 when he was purportedly fired “in connection with State of NH suspension of investment adviser agent and broker-dealer representative license.” He currently has 5 customer disputes allegedly filed against him, according to his broker profile.

Filing a Complaint against your Brokerage firm

The White Law Group is investigating potential lawsuits regarding the liability that Stokes’ former employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

We represent investors in FINRA arbitration claims in all 50 states, including New Hampshire. If you are concerned about your investments with Dain Stokes, you may be able to file a complaint against your brokerage firm. Please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee. 


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