Home News New Hampshire Freezes Assets of Former LPL Advisor Over Fake African Charity

New Hampshire Freezes Assets of Former LPL Advisor Over Fake African Charity

The New Hampshire Bureau of Securities Regulation has recently obtained a preliminary injunction and asset freeze against former LPL Financial broker Dain F. Stokes, for his alleged role in a phony African charity project.

The New Hampshire Bureau of Securities Regulation has recently obtained a preliminary injunction and asset freeze against former LPL Financial adviser Dain F. Stokes, for his alleged role in a phony African charity project. His securities license was suspended, and he was terminated by LPL.

The regulators allege that Stokes solicited at least two former LPL clients to invest a total of at least $576,000 in the supposed charity project in Africa and claimed that singer-songwriter Taylor Swift was personally involved. He claimed the investments would generate a 20 percent return.

In addition to Taylor Swift’s personal involvement, Stokes also touted that, among other notable names, Bill Gates was involved in the African charity.

The Bureau has found no evidence to support Stokes’ claims that the charity is credible. Rather, the regulators believe that Stokes misappropriated investor money by transferring their funds to multiple people and entities across the country while at the same time using some of the investors’ money for personal expenses.

A preliminary injunction, issued by Rockingham County Superior Court, is in place until the administrative case against Stokes for violating New Hampshire securities laws is resolved.

According to the terms of the preliminary injunction, Stokes’ assets are frozen, and he is also enjoined from contacting the clients he solicited to invest in the African charity, from receiving funds of former clients with LPL, and from issuing promissory notes.

According to his BrokerCheck profile, Stokes spent the last decade with LPL, and before that, was affiliated with Edward Jones for nine years.

Click here to visit The DI Wire directory sponsor page.