Dominic Anthony Tropiano of Lyndhurst, Ohio submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been barred for allegedly engaging in unauthorized transactions and making unsuitable recommendations in violation of FINRA Rules 2111 and 2010.
In February 2004, Dominic Anthony Tropiano entered the securities industry in February 2004 as a General Securities Representative. In May 2015, Tropiano became an associated person with America Northcoast. According to the findings, while not properly registered with FINRA, Dominic Anthony Tropiano made certain recommendations to at least 47 customers in 866 separate transactions without having a reasonable basis to believe those transactions were suitable in light of their investment profiles. In addition, FINRA also stated that Tropiano placed 52 unauthorized transactions in two additional customers’ accounts.
FINRA Rule 2111(a) provides that “an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.” A violation of FINRA Rule 2111 also constitutes a violation of FINRA Rule 2010.
Without admitting or denying FINRA’s findings, Dominic Anthony Tropiano consented to the sanctions and to the entry of findings, and has been barred from association with any FINRA member in all capacities.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized transactions, unsuitable recommendations and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like America Northcoast Securities, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your America Northcoast Securities account due to unauthorized transactions and/or unsuitable recommendations by your broker? Was Dominic Anthony Tropiano your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against America Northcoast Securities stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.