Our firm is investigating Edward Jones financial advisor and stockbroker Dominick E. Profaci (CRD# 6732998) of Poughkeepsie, New York for potential investment-related misconduct.
Financial Advisor’s Career History
Dominick E. Profaci is currently registered with Edward Jones and works out of the firm’s Poughkeepsie, New York office. He has reported employment as a Financial Advisor with Edward Jones beginning in December 2016 (shown as “Present”), and his recent non-investment-related work history includes roles at Starbucks (Barista) and Flicker Filmworks (Assistant Film Editor). Profaci’s reported industry exams include the Series 7, Series 66, and the SIE.
Dominick E. Profaci Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects one disclosed customer dispute that was settled.
Customer Dispute Alleging CD Liquidation With Penalties and Best-Interest Concerns
According to the disclosure, the clients alleged it was not in their best interest for the financial advisor to recommend selling a certificate of deposit (CD) with penalties and moving the proceeds into a fixed income/equity portfolio. The complaint was received on March 22, 2022, and the matter shows a status date of June 29, 2022. Although the disclosure lists alleged damages as $0.00, it also states the clients requested to be made whole, including unspecified lost CD interest and penalties paid. The customer dispute was settled for $14,045.00, with an individual contribution amount of $0.00 reported for Profaci.
Disclosures (for context):
- Customer Dispute (Written Complaint) — Allegations: clients said it was not in their best interest to sell a CD with penalties and move to a fixed income/equity portfolio — Disposition: Settled — Settlement: $14,045.00 — Complaint received 03/22/2022; status date 06/29/2022.
To obtain a copy of Dominick E. Profaci’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) generally requires a broker to have a reasonable basis to believe a recommendation is suitable for the customer based on the customer’s investment profile (including risk tolerance, time horizon, liquidity needs, and objectives). In a complaint alleging a recommendation to sell a CD and incur penalties to move into a fixed income/equity portfolio, suitability issues may arise if the recommendation increased risk, reduced liquidity, or imposed costs that were not justified by the client’s goals and circumstances.
FINRA Rule 2090 (Know Your Customer) requires firms and associated persons to use reasonable diligence to know (and retain essential facts about) each customer, including facts needed to effectively service the account and to understand the authority of each person acting for the customer. When investors allege a transaction was not in their best interest—such as liquidating a CD with penalties—questions often focus on whether the advisor fully understood and documented the customer’s needs (e.g., need for principal protection, income stability, or near-term liquidity) before recommending a change in strategy.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) requires brokers to observe high standards of commercial honor and just and equitable principles of trade. In the context of allegations about moving clients out of a penalized CD into a new portfolio, Rule 2010 is often implicated where the facts suggest the recommendation was made without fair dealing—such as failing to adequately explain penalties, risks, and reasonably available alternatives, or placing the firm’s or advisor’s interests ahead of the customer’s stated objectives.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.