Our firm is investigating Independence Capital Co., Inc. broker and investment adviser Dennis Clarence Twarogowski (CRD# 1033169) of Parma, Ohio for potential investment fraud and other investment-related misconduct.
Financial Advisor’s Career History
Based on his BrokerCheck report, Dennis Clarence Twarogowski has been registered with the following firms during his securities industry career:
- Independence Capital Co., Inc. (Parma, Ohio) — Registered since 02/2005 (reported as “02/2005 – Present”).
- The O.N. Equity Sales Company (Cincinnati, Ohio) — 05/1987 – 03/2005.
- Managed Investments, Inc. — 03/1984 – 04/1987.
- The O.N. Equity Sales Company — 04/1982 – 01/1986.
Dennis Clarence Twarogowski Fraud Allegations and Investor Complaints Explained
FINRA Regulatory Action: Alleged Failure to Supervise Speculative Bond Recommendations (AWC)
On January 27, 2026, FINRA initiated and resolved a final regulatory matter against Dennis Clarence Twarogowski via Acceptance, Waiver & Consent (AWC) (Case No. 2022074289902) involving bonds.
According to the disclosed findings (entered without admitting or denying), Dennis Clarence Twarogowski and the firm allegedly failed to reasonably supervise firm representatives’ recommendations of bonds described as speculative, high-risk, illiquid, and “only suitable for persons with substantial financial resources and with no need for liquidity.”
The report states that representatives recommended nine retail customers (including four seniors) invest a total of $443,000 in these speculative bonds, and that Dennis Clarence Twarogowski—as the direct supervisor—approved each sale after reviewing application documents, but allegedly failed to reasonably assess whether the recommendations aligned with customer profiles, including concentration levels.
Sanctions disclosed include:
- Suspension in any principal capacity for three months (02/17/2026 – 05/16/2026)
- Fine: $5,000
- Other: Undertaking (not further detailed in the excerpted fields)
Pending FINRA Arbitration: Alleged Failure to Supervise a “Non Existing” Real Estate Program
The BrokerCheck report also discloses a customer dispute that evolved into a FINRA arbitration (Docket/Case # 25-00101) filed January 15, 2025.
The allegation states: “Failuret to supervise registered representavie who put customers in a non existing Real Estate program.” The dispute lists alleged damages of $100,000, with the complaint received January 23, 2025, and the arbitration shown as pending.
Disclosure summary (for context):
- Regulatory Event (Final) — FINRA AWC dated 01/27/2026 alleging supervisory failures tied to speculative/illiquid bond recommendations; sanctions include a 3-month principal suspension and $5,000 fine.
- Customer Dispute (Arbitration Pending) — FINRA arbitration 25-00101 filed 01/15/2025 alleging failure to supervise a representative connected to a “non existing” real estate program; $100,000 damages alleged.
To obtain a copy of Dennis Clarence Twarogowski’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 3110 (Supervision) is implicated when a firm or supervisor allegedly fails to establish, maintain, and enforce a supervisory system reasonably designed to achieve compliance with securities laws and FINRA rules. In the matters disclosed here, the allegations center on supervisory breakdowns—both in the bond recommendations (where the report states the supervisor approved each sale but allegedly failed to reasonably assess suitability and concentration) and in the real-estate-program dispute (alleging failure to supervise a representative connected to a “non existing” program).
FINRA Rule 2111 (Suitability) can be implicated where recommendations are alleged to be inconsistent with a customer’s investment profile, including risk tolerance, financial situation, liquidity needs, objectives, and concentration. The regulatory disclosure specifically references an alleged failure to assess whether recommendations were consistent with customer profiles—particularly given the concentration levels—and describes the bonds as speculative, high-risk, and illiquid.
FINRA Rule 2090 (Know Your Customer) is implicated when reasonable diligence to understand “essential facts” about a customer is alleged to be lacking, especially where a product is described as suitable only for investors with substantial resources and no liquidity needs. In the bond supervision matter, the disclosure’s emphasis on investor profile alignment and liquidity constraints raises the kind of customer-profile diligence issues that Rule 2090 is designed to address in supervision and approval contexts, including issues addressed in FINRA Know Your Customer.
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.