Fraud Alert: FINRA Bars Former LPL Financial Broker, Dominic DeBruin

November 2016-Mesa, AZ

Dominic T. DeBruin (CRD #2788196), a former stockbroker with LPL Financial LLC,  has been permanently barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or otherwise associating with firms that sell securities to the public.  Prior to being permanently barred, DeBruin had four financial disputes that were settled, according to his BrokerCheck profile.

DeBruin was investigated by FINRA for allegedly placing client funds into a bank account that he controlled.  The funds were reportedly not disclosed to LPL Financial LLC, but were believed to be related to potential private securities transactions.

DeBruin neither admitted nor denied the findings, but consented to being permanently barred.  DeBruin has allegedly declined FINRA’s additional request to:

  • provide information and documents, and
  • appear for on the record testimony as requested by FINRA

Prior to working for LPL Financial LLC, DeBruin was most recently employed by Waddell & Reed, Inc., Scottsdale, AZ and Prudential Investment Management Services, LLC, Newark, NJ.

For FINRA’s full findings see FINRA Case #2016051522501.

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If you have lost money in an investment account that was handled by Dominic DeBruin or LPL Financial LLC or have questions about how your account has been handled, contact Securities Attorney, Anthony Bingham, at Law Office of Anthony B. Bingham, P.C. today at 480.832.1922.

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 LPL Financial LLC, DeBruin’s former employer, failed to properly supervise him, they may be held responsible for the losses in a FINRA arbitration claim.

Time to file your claim may be limited, so we encourage you to avoid delay.