An arbitration panel has found a well-known local financial adviser liable for money lost by three Chipley retirees.

The Financial Regulatory Industry Authority panel ruled that Robert Dokken must pay the trio a little more than 191-thousand dollars for investments they lost following Dokken's advise.

David and Judith Solger and Jimmy Ackerman claim they gave Dokken 175-thousand dollar to invest in a fixed income investment, but that Dokken sold them a Cancun, Mexico, timeshare called Resort Holdings International instead.

They say it was nothing more than a Ponzi scheme that eventually collapsed.

The arbitration panel found that Dokken did not research the project, or he would have discovered R-H-I's owner was facing a number of previous cease and desist orders.

The panel also found Dokken listed his wife's name as the sales agent, and that he took 12% sales commission on the investment.

The panel called these fraudulent acts that constituted intentional misconduct.

We spoke Michael Reader, Dokken's attorney in an unrelated matter, who says Dokken did not get an opportunity to testify or present witnesses during arbitration.

He's planning to file a motion to vacate the arbitration award in federal court, and as well as a slander suit against the Solger's and Ackerman.