Michael Dolan of Minneapolis, Minnesota, Suspended 60 Days and Fined $5,000
Have you lost money with financial advisor Michael Dolan of Minneapolis, Minnesota? We are continuing our investigation into allegations made by the FINRA (the Financial Industry Regulatory Authority) against Michael T. Dolan, who is registered through brokerage firm Dougherty & Company LLC. FINRA alleged that Michael Dolan solicited several investors to invest in a private hedge fund without getting permission from Dougherty & Company. In December 2017, FINRA.
FINRA alleged that between October 2012 and October 2013, Michael Dolan sold $850,000 in interests in a hedge fund called Pennington Capital. Pennington Capital is operated by Robert Evans, who is a friend of Michael Dolan. It was alleged that this hedge fund was managed by Pennington Capital Management, a registered investment advisory firm ran by Robert Evans. It was alleged that Dolan solicited five customers of Dougherty & Company to invest in Pennington Capital. FINRA seeks to punish Dolan for violating FINRA’s rules which prohibit the sale of securities without approval from the advisor’s brokerage firm.
In a separate action, Pennington Capital and Robert Evans were the subject of an SEC administrative action. The SEC alleged that Pennington Capital violated Rule 105, which prohibits buying an equity security made available through a public offering conducted on a firm commitment basis, from an underwrite or broker or dealer participating in the offering, after having sold short the same security during a restricted period. As a result of the investigation, Pennington Capital and Evans agreed to disgorge $95,000 (as well as $5,000 in interest) and also paid a $65,000 civil penalty.
Michael Dolan was a financial advisor and registered representative of Dougherty & Company LLC from 1997 to the present. He worked at a branch office in Minneapolis, Minnesota. Dolan’s BrokerCheck report discloses that he was the subject of one customer complaint in 2008.
Brokerage firms like Dougherty & Company LLC have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado, the Seattle area, Chicago, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Minnesota in the past, such as victims of the Levi Lindemann scam. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Pennington Capital SEC Order
Click to view: Dolan, Michael FINRA Order
Click to view: Dolan, Michael FINRA Complaint
Click to view: Dolan, Michael BrokerCheck 12.15.16
If you lost money with Michael Dolan, Pennington Capital, or Dougherty & Company LLC, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.