Our firm is investigating Cambridge Investment Research financial advisor and stockbroker Michael David Dose (CRD# 1747180) of San Diego, California for potential investment-related misconduct. Dose is currently registered with Cambridge Investment Research Advisors, Inc. and Cambridge Investment Research, Inc. in San Diego.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Michael David Dose began his securities industry career with Pruco Securities Corporation in October 1987. He later worked with LPL Financial Corporation from March 1993 to November 2009 as a broker and from December 1997 to November 2009 as an investment adviser representative, followed by Infinity Financial Services from 2009 to 2012, Gradient Advisors/Gradient Securities from 2012 to 2017, Center Street Advisors/Center Street Securities from 2017 to 2019, Dempsey Lord Smith, LLC from 2019 to 2025, Emerson Equity LLC briefly in late 2025, and then Cambridge Investment Research in December 2025. FINRA also reports that he is currently associated with the San Diego branch office and has reported the Chartered Financial Consultant designation.
Michael David Dose Fraud Allegations and Investor Complaints Explained
2009 Customer Complaint Involving Mortgage-Financed Investments
FINRA BrokerCheck reflects one customer dispute tied to Dose’s time at LPL Financial. The allegation stated that he recommended a home equity loan to fund an investment account involving a variable annuity and a REIT. The complaint was received on May 6, 2009, and alleged damages of $30,000. BrokerCheck also shows an unusual reporting discrepancy: the firm-reported version stated the matter was still pending and had not been settled, while the broker-reported version stated the complaint was closed with no action on June 29, 2010, with a settlement amount of $0 and an individual contribution of $0.
2009 Employment Separation After Allegations
BrokerCheck also discloses a termination event involving LPL Financial. According to both the firm-reported and broker-reported versions, Dose was discharged on November 6, 2009. The stated reason was involvement in facilitating a customer’s obtaining mortgage financing that was partially used to fund investments, which LPL said violated its policies and procedures.
Disclosure Summary and Key Details
FINRA’s summary page shows two disclosure categories for Dose: one customer dispute and one termination. The customer dispute appears as a final disclosure, and the termination likewise appears as a final disclosure in the disclosure-event matrix.
- Customer Dispute — Action: written customer complaint received May 6, 2009; Allegation: recommendation of a home equity loan to fund an investment account; Products: variable annuity and REIT; Alleged damages: $30,000; Disposition: broker-reported version shows closed/no action on June 29, 2010, with $0 settlement and $0 individual contribution, while the firm statement says the matter had not been settled and was still pending at the time of that filing.
- Employment Separation After Allegations — Action: discharged by LPL Financial on November 6, 2009; Allegation: facilitating customer mortgage financing partially used to fund investments in violation of firm policies and procedures; Disposition: termination/discharge.
These disclosures do not by themselves establish liability, but they are the kinds of red flags investors often examine when reviewing whether a recommendation was suitable and whether a broker followed firm rules and industry standards. To obtain a copy of Michael David Dose’s FINRA BrokerCheck report, visit this link.
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FINRA Rule 2111 and Suitability
FINRA Rule 2111 requires a broker to have a reasonable basis to believe a recommendation is suitable for at least some investors and suitable for the specific customer based on that customer’s investment profile. In the context of the complaint reported on Dose’s BrokerCheck record, a recommendation that a customer use home equity financing to purchase investments such as a variable annuity and REIT could raise suitability concerns because it potentially increases leverage, liquidity risk, and the customer’s overall financial exposure.
FINRA Rule 2090 and Know Your Customer
FINRA Rule 2090 requires member firms and associated persons to use reasonable diligence to know the essential facts concerning every customer. In a case involving alleged advice to borrow against home equity in order to invest, that rule matters because a broker should understand the client’s finances, liquidity needs, risk tolerance, investment objectives, and overall capacity to take on debt-backed investment risk before making such a recommendation.
FINRA Rule 2010 and Standards of Commercial Honor
FINRA Rule 2010 requires associated persons and firms to observe high standards of commercial honor and just and equitable principles of trade. Where a broker is accused of facilitating mortgage financing that was partially used to fund investments and is then discharged for violating firm policies and procedures, FINRA Rule 2010 is relevant because conduct that places a client into a potentially improper or high-risk funding strategy can implicate the industry’s overarching ethical standards, even when a customer complaint is later closed without action.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.