Advisor Alert: Our Attorneys Are Investigating Dain Farrell Stokes For Investment Fraud
Did You Lose Money Because of Dain Stokes?
Filed: November 6, 2023
Dain Stokes has been the subject of three (3) regulatory events, one (1) termination event, and six (6) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Dain Farrell Stokes.
Who Is Dain Farrell Stokes?
- Advisor Name: Dain Farrell Stokes
- Aliases: Dain Stokes
- CRD: 2960801
- Location: Bedford, New Hampshire
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: LPL Financial LLC, Edward Jones, and American Express Financial Advisors Inc.
- Number of Known Customer Complaints: 6
- Number of Known Regulatory Events: 3
- Number of Known Termination Events: 1
- Can Dain Stokes Be Sued: Yes, in Private Arbitration
- Can Dain Stokes’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $18,909
- Highest Settlement: $375,000
If you have suffered investment losses by Dain Stokes, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Dain Stokes For Broker Misconduct
As of this publication date, Dain Stokes has been the subject of 3 regulatory events, 1 termination event, and 6 customer disputes. Let’s review them below.
In February 2021, a FINRA arbitration was filed against or in reference to Dain Stokes by a customer of LPL Financial LLC alleging that between February 2015 and September 2019, Stokes recommended unsuitable variable annuities and also defrauded customers into investing in promissory notes. On November 22, 2021, Stokes settled the claim for $65,000, and some or all of this amount may have been paid by Stokes’s employer and/or insurance carrier.
In June 2020, United States Securities And Exchange Commission initiated a regulatory action against or in reference to Dain Stokes.The Commission finds that from June 2009 to August 2019, Stokes worked as an investment adviser and registered representative in the Bedford, New Hampshire office of LPL Financial, LLC (“LPL”), a dually-registered investment adviser and broker-dealer headquartered in Boston, Massachusetts. From May 2000 through June 2009, Stokes was a registered representative associated with another dually-registered investment adviser and broker-dealer. Between March 1998 and May 2000, Stokes was associated with two other dually-registered investment advisers and broker-dealers.
In March 2020, a complaint was filed against or in reference to Dain Stokes by a customer of LPL Financial LLC alleging misappropriation of funds. On August 28, 2020, Stokes settled the claim for $375,000, and some or all of this amount may have been paid by Stokes’s employer and/or insurance carrier.
In August 2019, LPL Financial LLC terminated Dain Stokes in connection with State of NH suspension of investment adviser agent and broker-dealer representative license.
In October 2019, a complaint was filed against or in reference to Dain Stokes by a customer of LPL Financial LLC alleging suitability issues through misrepresentation and poor advice.
In September 2019, FINRA initiated a regulatory action against or in reference to Dain Stokes for failing to respond to FINRA request for information.
In August 2019, New Hampshire Department of State Bureau of Securities Regulation initiated a regulatory action against or in reference to Dain Stokes for a police report alleging fraud related to a $201,000.00 investment project that Representative classified as confidential.
In June 2015, a complaint was filed against or in reference to Dain Stokes by a customer of LPL Financial LLC alleging that Stokes failed to advise of tax consequences of the transaction. Per the customer, he/she lost over $18,909 because of Stokes’s actions.
In August 2011, a complaint was filed against or in reference to Dain Stokes by a customer of Edward Jones alleging that Stokes advised the client to liquidate her Allianz Annuity contract which was not held at Edward Jones. The client claims that Stokes told her he could put the funds to better use. The client claims that Stokes advised her she would be better off paying the surrender charge and reinvesting the funds at Edward Jones. The client stated she followed Stoke’s advice and as a result lost $5,744.46 in surrender charges and $1,688.98 in federal taxes withheld. Per the customer, he lost over $7,433.44 because of Stokes’s actions.
In November 2003, a complaint was filed against or in reference to Dain Stokes by a customer of Edward Jones alleging that the client instructed Stokes to sell shares of Verisign in December 2000. The client states she did not receive confirmation and did not realize Stokes only sold two of her shares when she received her statement in January 2001. Per the customer, she lost over $5,000 because of Stokes’s actions.
How To File A Claim Against Dain Stokes (previously with LPL Financial LLC, Edward Jones, and American Express Financial Advisors Inc.) To Get Your Money Back.
If you have questions about Dain Stokes, LPL Financial LLC, Edward Jones, American Express Financial Advisors Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.