FINRA barred former LPL Financial broker Dominic Thomas DeBruin of the firm's Mesa, Arizona branch for failing to cooperate with an investigation into undisclosed private securities transactions DeBruin may have participated in while associated with LPL.
Specifically, FINRA alleged that DeBruin deposited client money into a bank account he controlled.
In its decision to bar DeBruin (CRD #2788196) from the industry, FINRA explained that after DeBruin voluntarily resigned from LPL in September 2016, LPL filed paperwork with FINRA reporting that DeBruin was under internal review for depositing client funds potentially related to "private securities transactions undisclosed to the firm" into a bank account that DeBruin controlled.
LPL filed its paperwork in October, or nearly a month after DeBruin left the firm. The AWC states that when FINRA commenced its investigation and requested documents and information from DeBruin, he acknowledged receipt, but refused to provide information and documents, and to appear for on-the-record testimony related to FINRA's investigation, though DeBruin did sign a November letter of acceptance consenting to a bar from the industry without admitting to or denying the findings.
According to FINRA's BrokerCheck report for Dominic aka Donnie DeBruin, this action is his sixth disclosure, and follows several financial "compromises" and an employment separation after allegations disclosure from Argent Securities, Inc., in which the firm alleged that DeBruin was responsible for debit balances in customer accounts.
In his formal comment, DeBruin denied the misconduct, writing that he had already resigned from Argent before the termination, and that he never received notification about his discharge.
The BrokerCheck file also lists DeBruin's employment history with entities such as Capricorn Partners (Mesa, AZ), which is a DBA for LPL business, and Good Life Advisors/Good Life Financial Group (Wyomissing, PA), another DBA for LPL business. Prior to associating with LPL, DeBruin was registered with Scottsdale's Waddell & Reed, Inc.
DeBruin's registration history includes stints with two firms—Paragon Capital Corporation and Continental Broker-Dealer Corp—that FINRA expelled from the industry due to misconduct in 2004. FINRA expelled brokerage Continental Broker-Dealer for sales practices abuses, records falsification, supervisory failures, and registration violations. Continental is one of many firms The Law Offices of Jonathan W. Evans & Associates has successfully pursued claims against in the past, as is LPL Financial.
If you have invested with ex-LPL Financial broker Dominic aka Donnie Thomas DeBruin, or with any broker or financial adviser whose private securities transaction business in selling away from and failing to disclose to the firm has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.