Our firm is investigating Edward Jones financial advisor and stockbroker Dominick Peter Profaci (CRD# 4676232) of Hyde Park, New York for potential investment-related misconduct.
Financial Advisor’s Career History
Dominick P. Profaci has been registered in the securities industry since 2003 and is currently registered with Edward Jones.
Based on his BrokerCheck report, his disclosed securities-industry employment history includes:
- Edward Jones — Investment Representative (06/2003–Present)
- Current branch/office location listed: 4246 Albany Post Rd, Hyde Park, NY 12538
Dominick Peter Profaci Fraud Allegations and Investor Complaints Explained
FINRA’s BrokerCheck reflects one customer dispute reported for Dominick P. Profaci.
Customer Dispute Alleging Unsuitable Mutual Fund Recommendation (2007–2008)
According to the disclosure, a client alleged that a reinvestment into mutual funds did not recover losses or commissions and that the investment was inappropriate and riskier than represented, stating the product was suited for “risk-tolerant income investors,” which the client said they were not.
- Product: Mutual Fund(s)
- Alleged damages: $5,000 (losses alleged to exceed $5,000)
- Date complaint received: 11/14/2007
- Disposition/status: Denied (status date 01/28/2008)
Disclosure summary (for context):
- Action: Customer dispute (written complaint) alleging unsuitable/inappropriate mutual fund investment and alleged misrepresentation of risk
Disposition: Denied (Closed—No Action / Withdrawn / Dismissed / Denied classification)
Broker/Advisor Response Noted in the Disclosure
The BrokerCheck narrative also reflects a response describing that the advisor reviewed the client’s holdings, discussed the client’s objectives, addressed risks (including market fluctuation and that dividends were not guaranteed), and stated that a prospectus was mailed with the trade confirmation; the response concludes the request for reimbursement was denied.
To obtain a copy of Dominick Peter Profaci’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is central in cases alleging an “inappropriate” recommendation. In plain terms, suitability requires a broker or advisor to have a reasonable basis to believe a recommendation fits the customer’s investment profile—such as risk tolerance, objectives (income vs. growth), liquidity needs, and time horizon. Where a client alleges a mutual fund investment was “much riskier than represented” and not appropriate for their risk profile, the allegation often maps to whether the recommendation was consistent with that customer’s stated profile and whether the risks were properly considered before recommending the product.
FINRA Rule 2210 (Communications with the Public) can be implicated when an investor claims the risks were not accurately described or were minimized. While Rule 2210 is often discussed in advertising and written communications, the underlying compliance principle is that communications must be fair and balanced and not omit material facts. If an investor alleges they were led to believe the investment was less risky than it truly was, that allegation may raise questions about whether the risks, limitations, and potential downsides were presented in a balanced way—especially for products marketed as income-oriented but still subject to market volatility and principal loss.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is frequently cited alongside more specific rules because it broadly requires brokers to observe high standards of commercial honor and just and equitable principles of trade. In practice, when a complaint alleges a recommendation was inappropriate and risk was misrepresented, Rule 2010 is often used to frame the conduct as inconsistent with the ethical standards expected of registered representatives, even where the dispute is ultimately denied or otherwise resolved.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.