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 Eccleston Law 

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.

 

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

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

December 22, 2025
FINRA Overhauls Arbitration Rules to Rebalance Arbitrator Selection and Codify Forum Practices

The Financial Industry Regulatory Authority (FINRA) has approved significant amendments to its Codes of Arbitration Procedure designed to rebalance public arbitrator selection, increase transparency, and formalize several long-standing practices in the arbitration forum.

December 19, 2025
Industry Groups Press Senate at Advance Financial Exploitation Prevention Act

Several industry associations are urging the U.S. Senate to pass the Financial Exploitation Prevention Act, legislation that would allow mutual fund companies and their transfer agents to delay redemptions when they reasonably suspect elder financial abuse.

December 18, 2025
UBS Warns of Rising Default Risk in Private Credit

A UBS report signals that credit stress likely will intensify next year as borrowers confront inflation, elevated interest costs, and softening consumer conditions.