Written by The White Law Group• August 22, 2019• 7:07 pm• Current Investigations

Lloyd Dotson Broker Investigation

CFP Board Disciplinary Action – Lloyd Dotson, Commonwealth Financial Network

Are you concerned about investments with former financial advisor Lloyd Dotson? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

In May 2019, according to the CFP Board’s Disciplinary and Ethics Commission, the board reportedly issued an order permanently revoking Dotson’s right to use the CFP® certification marks after he allegedly failed to file an answer to CFP Board’s Complaint within the required timeframe.

The complaint alleged that Dotson violated Financial Industry Regulatory Authority (FINRA) Rules 8210 and 2010 when he refused to appear for on-the-record testimony in a FINRA investigation and consequently was barred from associating with any FINRA member at any time.

Dotson’s revocation was reportedly effective as of May 20, 2019.

According to his FINRA BrokerCheck report, Dotson was affiliated with Commonwealth Financial Network in New Canaan, CT from June 2006 until June 2016 when he was allegedly discharged because he was “engaged in multiple Outside Business Activities where he used an alias to promote participation in multi-level marketing programs.”

According to his broker report, FINRA reportedly barred Dotson in April 2017 for his alleged failure to provide testimony in its investigation into suspected outside business activities, private securities transactions, and the overall circumstances surrounding his termination from his member firm. It was alleged that Dotson used an alias, “The Six-Figure Sage” to promote his multi-level marketing pyramid schemes.

He reportedly has 2 customer complaints filed against him during his career in the securities industry. He currently is not registered as a broker, according to his profile.

Investigating Potential Lawsuits

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

When brokers violate securities laws, such as participating in outside business activities, 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.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Connecticut. Our attorneys have recovered millions of dollars from many brokerage firms in the past.