Chip Dover: Florida Based Broker Has History of Six Figure Complaints

Chip Dover (CRD# 1514033), a broker registered with Moors & Cabot, was the recipient of customer complaints, according to Financial Industry Regulatory Authority (FINRA) records accessed on November 2, 2021. The Winter Park representative has also been sanctioned by state regulatory authorities. If you have lost money investing with Mr. Dover, the experienced broker fraud attorneys at MDF Law may be able to help you recover losses. Call 212-203-9300 for a free, confidential consultation.

SunTrust Fired Chip Dover Over Annuity Transactions

In 2016 SunTrust Investment Services terminated Chip Dover’s employment in connection to allegations he failed to follow firm procedures “when processing a fixed annuity transaction.” Specifically, the disclosure states, he should have processed the transaction as a 1035 exchange. He was registered with SunTrust’s’ Winter Park, Florida branch office. After he left the firm, he joined Moors & Cabot in Winter Park.

Customers Filed Arbitrations over Unsuitable Investments

The customer complaints listed on Chip Dover’s BrokerCheck report include a series of complaints filed as a “group complaint.” The complaints concern his conduct at SunTrust Investment Services, alleging that he misrepresented and recommended unsuitable interests in collateralized debt obligations. Four of these complaints settled for a total of $380,000; a fifth resulted in an arbitration award to the customer of $75,000.

Mr. Dover’s “Broker Comment” on the first four disclosures state that the customers were “not accusing the representative of any wrongdoing” and that the complaints were instead “based entirely on the nature, features and performance of the investments at issue.” His “Broker comment” on the fifth denies the allegations and states that the investment recommendations “appeared suitable” for the investor.

Private Placement Complaint Settled for $92,000

In 2011 a customer alleged that Chip Dover, while employed at SunTrust Investment Services, did not disclose the complexity and potential risks of a private placement investment. The complaint settled in 2012 for $92,000.

Chip Dover Is Currently Based in Winter Park, Florida

Chip Dover has spent 35 years in the securities industry. He has been registered with Moors & Cabot in Winter Park, Florida since 2016. His previous registrations include SunTrust Investment Services in Winter Park, Florida (2005-2016); SunTrust Capital Markets in Orlando, Florida (2005); SunTrust Capital Markets in Atlanta, Georgia (2003-2005); Legg Mason Wood Walker in Orlando, Florida (2000-2003) and Baltimore, Maryland (2000-2003); Prudential Securities in New York, New York (1994-2000); Merrill Lynch in New York, New York (1986-1994); and Turner & Sellhorn Securities (1986). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), obtained on April 26, 2005; Series 63 (Uniform Securities Agent State Law Examination), obtained on September 3, 1985; SIE (Securities Industry Essentials Examination), obtained on October 1, 2018; Series 7 (General Securities Representative Examination), obtained on January 17, 1987; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), obtained on May 20, 1986. He holds securities registrations in Florida, Georgia, Kentucky, Louisiana, New Mexico, New York, Pennsylvania, South Carolina, Tennessee, Texas, and West Virginia.

Dover Has Received 6 Investor Complaints According to his BrokerCheck report, Chip Dover has received six customer complaints and one regulatory sanction. The above-referenced information was accessed on November 2, 2021.

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