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Pennsylvania Financial Advisor Terminated Following Lawsuit

Posted on September 6th, 2023 at 3:42 PM
Pennsylvania Financial Advisor Terminated Following Lawsuit

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï 

LPL Financial has terminated John A. Dougherty following his being sued for allegedly over-leveraging an investor's account using a $5 million securities-based loan and assisting him in an external investment.

Dougherty has been with LPL since January 2021. The investor, an oil refinery entrepreneur from Beaufort County, South Carolina, alleged in the lawsuit that Dougherty convinced him to invest $300,000 in Jamaica Cures, LLC, a medical marijuana grower based in Jamaica. According to the lawsuit, and as reported by AdvisorHub, Dougherty misrepresented to him that he had personally invested in and served on the board of Jamaica Cures.

Dougherty no longer is registered as a broker or investment advisor. He has denied any wrongdoing, expressing on BrokerCheck that he prioritized the customer's interest and is committed to defending this matter within the bounds of the law.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

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