Doug Dulac Allegedly Breached Duty to Investor

Doug Dulac (CRD# 1411702[1]), a broker registered with United Planners’ Financial Services, breached his fiduciary duty to a client, according to an investor dispute. MDF Law is investigating the Carmel, Maine-based financial professional for similar conduct. If you have concerns about your investments, contact us for a free consultation.

The following post details the allegations against Mr. Dulac, as well as his professional history. It is based on an October 25, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.

Pending Dispute Seeks More than $200,000

On September 4, 2024, an investor filed a dispute alleging that Mr. Dulac breached his fiduciary duty, and breached contract. In addition, the claim alleges that he recommended an unsuitable alternative investment. The dispute, which is still pending, seeks $215,000 in alleged damages.

Past Disputes Alleged Doug Dulac Violated Industry Rules

The above-described investor dispute is not the only one in Mr. Dulac’s history. On April 1, 2022, another party of investors filed a dispute alleging that he breached his fiduciary duty and made unsuitable recommendations. In addition, the claim alleged that he committed fraud, acted negligently, and violated FINRA Rules 2010, 2310, and 2020. Finally, it alleged that he breached contract and made fraudulent misrepresentations and omissions. In June 2023 his member firm settled the dispute for $35,000.

FINRA Rules Protect Investors

FINRA rules and other industry standards prohibit the conduct alleged in the disputes involving Mr. Dulac. For instance, FINRA Rule 2111 lays out a requirement that brokers ensure their recommendations are appropriate for a customer’s investment experience and goals. These are known as suitable investment recommendations. FINRA Rule 2020, meanwhile, proscribes the misrepresentation of material information related to investment recommendations. Then there’s Rule 2010, which holds brokers to high standards of commercial honor.

At the same time, investment advisers must uphold a fiduciary duty to their clients. Among other things, this means they must provide advice in the client’s best interests, grounded in a “reasonable understanding” of the client’s objectives. They also have a “duty of loyalty” to clients. This means that they may not place their interests above the client’s. To read further about the fiduciary standard, visit the SEC’s website[2]. 

FINRA: Broker Based in Carmel, Maine

Mr. Dulac began his career as a broker in 1985, when he joined Pruco Securities. He went on to work at a number of other firms, including United Securities Alliance and Royal Alliance Securities. He joined United Planners’ Financial Services of America in 2008, and remains at the firm’s office in Carmel, Maine. With 38 years of experience as a broker, he has completed seven industry exams, including the Series 63 and the Series 24.  

MDF Law Advocates for Investors

If you lost money working with Doug Dulac, you may have options. MDF Law’s experienced investment fraud attorneys[3] have secured more than $100 million in recoveries for the victims of broker fraud. We only receive a fee if you win your case—no hourly fees. You may have a limited window to file, so we encourage you to move quickly. Call us at 800-767-8040 today for a free consultation.