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Financial Adviser Fined for Exposing Investors to Scam

- 3/11/2010 5:56:33 AM

Robert Dokken, a Florida-based financial adviser, has been ordered to pay almost $200,000 to three clients who lost money in a suspected Ponzi scheme, The News Herald of Panama City reported. The Financial Industry Regulatory Authority (FINRA) ruled against Dokken during a recent arbitration hearing on the case, the newspaper said, siding with investors who accused him of breach of contract, negligence and fraud. According to the prevailing attorney, the newspaper said, Dokken invested client funds in Resort Holding International when even “basic research” of the company would have revealed that “numerous cease-and-desist orders had been previously entered by various states against the person in charge” of the alleged Ponzi scheme. Through his own attorney, the newspaper said, Dokken has already announced plans to appeal the ruling against him in the case.

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