FINRA barred LPL Financial broker Dominic Thomas DeBruin for depositing client funds into his personal bank account. The money was “related to potential private securities transaction” that was not disclosed to LPL, a settlement notice issued by FINRA’s Department of Enforcement said.
In October 2016, FINRA reached out to DeBruin for documents, asking him to show up and give testimony. DeBruin chose not to do so. The two sides settled the matter without DeBruin admitting or denying FINRA’s findings.
FINRA’s BrokerCheck states that Dominic Thomas DeBruin first entered the securities industry in 1996 when he registered with First Hanover Securities Inc. and Continental Broker-Dealer Corp. before switching to Argent Securities in 1997. DeBruin’s registration was terminated within four months of employment. However, he claims he resigned before the termination. DeBruin later had short stints with Paragon Capital Corp. and Paulson Investment Co. before registering with Prudential Investment Management Services in 1999, where he remained for five years. Beginning in 2005, DeBruin worked for Waddell & Reed for seven years, and later joined LPL Financial in 2012. DeBruin had four financial disputes that were settled, according to FINRA’s BrokerCheck.
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