John Dobbertin (CRD#: 3254308), a 19-year veteran of the securities industry who is currently a broker registered with American Portfolios Financial Services, Inc (CRD#: 18487) and doing business as Lexington Financial Services in Fayetteville, New York, has four disclosures on his BrokerCheck record as of July 15, 2019. Before his current position, he worked at LPL Financial Corporation (CRD#: 6413) in Fayetteville, New York, the Lincoln National Life Insurance Company (CRD#: 2580) in Fort Wayne, Indiana, and Lincoln Financial Advisors Corporation (CRD#: 3978) in Syracuse, New York.
John Dobbertin’s first disclosure involves his treatment of variable annuities. Unlike fixed annuities, which provide a guaranteed payout, variable annuities are dependent on the stock performance of one’s chosen investments. Variable annuities may outpace inflation faster than their fixed counterparts, but they come with considerably more risk. For those who have already maxed out their 401(k)s and IRAs, fixed annuities could be a good option, though it may be more prudent to consider index funds, according to CNN Money.
After working for LPL for approximately two years, on June 23, 2009 John Dobbertin was permitted to resign after allegations that he failed to follow “LPL policies and procedures relative to processing variable annuity transactions.”
One year later, according to a disclosure dated June 30, 2010, John Dobbertin, who had been charged with criminal tax fraud in the 4th (a felony) ultimately pled guilty to criminal tax fraud in the 5th (a misdemeanor) after the charges were reduced. Dobbertin maintains that his accountant failed to file his New York State taxes from 2003 to 2008.
Because he had been charged with a felony offense, John Dobbertin was required to disclose this by amending his U4 form and then documenting this in eight subsequent U4 forms. He was also supposed to disclose two unsatisfied federal tax liens. Dobbertin failed to do any of these things. As a result, in a judgment dated December 1, 2014, FINRA suspended him from acting as a broker in any capacity for six months, from January 5, 2015 to July 4, 2015. FINRA also levied a $5,000 fine, which he paid in full on June 22, 2015.
John Dobbertin’s troubles have not ended. As of May 6, 2019, he is involved in a pending customer dispute regarding “violations of FINRA Rules 2110 and 2111, misrepresentation and omissions of material facts, and breach of fiduciary duty.” In response, John Dobbertin asserts, “All transactions were consistent with client’s wishes, objectives, and resources and were conformed to the financial plan that was agreed to in advance.”
If you are a current or former client of Mr. Dobbertin and would like to speak to a securities fraud attorney, please don’t hesitate to contact Fitapelli Kurta at (877) 238-4175.