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Chip Dover Fined by Florida Department of Financial Services

Oct 25, 2021 Regulatory Action

Chip Dover (CRD #: 1514033 ), a broker and investment adviser registered with Moors & Cabot, Inc, has been fined by the Florida Department of Financial Services according to his BrokerCheck record, accessed on October 18, 2021. 

If you have concerns about Chip Dover’s conduct as a broker, keep reading.

Florida Department of Financial Services Fine

This fine stems from allegations that Chip Dover failed to comply with insurance continuing education requirements for the period ending June 30, 2021. Chip Dover voluntarily consented to the allegations and paid a fine of $250. Florida also ordered him to complete continuing education requirements.

Chip Dover’s Employment Termination

On September 20, 2016, Suntrust Investment Services fired Chip Dover following allegations that he violated his firm’s procedures and policies concerning the handling of a customer’s fixed annuity transaction. The transaction allegedly should have been processed as a 1035 exchange.

Chip Dover’s Other Disclosures

Customer Disputes

Chip Dover has a significant history of customer disputes according to his Brokercheck record.

On December 21, 2009, a FINRA arbitration panel awarded an investor $230,125.00 following allegations that Chip Dover negligently managed the customer’s investment portfolio, breached his fiduciary and contractual duties, made misrepresentations to the customer, and committed fraud in reference to the customer’s collateralized debt obligation transactions.

Between 2009 and 2010, four customer disputes regarding Dover’s conduct were resolved for a total of $380,000.00. These settlements were based upon allegations that Chip Dover made misrepresentations and recommended unsuitable investments to his customers, which included buying interests in collateralized debt obligations.

Chip Dover Background Information

Chip Dover has passed the following exams:     

  • Series 65 - Uniform Investment Adviser Law Examination        
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Chip Dover is a registered broker in 12 states and is an investment adviser in Florida

Besides Moors & Cabot, Chip Dover has worked with the following firms:

  • Suntrust Advisory Services LLC (CRD#:283390)
  • Suntrust Investment Services, Inc. (CRD#:17499)
  • Suntrust Capital Markets, Inc. (CRD#:6271)
  • Legg Mason Wood Walker, Incorporated (CRD#:6555)
  • Prudential Securities Incorporated (CRD#:7471)
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691)
  • Turner & Sellhorn Securities, Inc. (CRD#:16963)

Kurta Law Can Help

If you have suffered losses after working with Chip Dover, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.