A former Merrill Lynch advisor who worked at the firm for 35 years lost a $5 million arbitration case seeking damages for libel and other misconduct against Merrill Lynch as well as the expungement of a client complaint that was later withdrawn.

While an arbitration panel denied advisor Charles Doraine's request for damages, it found the client's withdrawn complaint was based on misinformation and ordered an expungement of Doraine's record.

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