Robert James D’Andria of Manasquan, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for unsuitable recommendations in violation of FINRA Rule 2111 and 2010.
In July 2010, Robert James D’Andria joined International Assets Advisory (“IAA”) as a General Securities Representative. According to the FINRA findings, Mr. D’Andria recommended 21 non-traditional exchange traded products (NT-ETPs) to five IAA customers without having a sufficient understanding of the risks and features associated with these products. The FINRA findings stated that the average holding period was 327 days and the customers held them for periods ranging from 30 to 758 days. Due to the extended holding periods, the customers incurred approximately $93,000 in losses. In addition to the findings, IAA agreed to supervision charges and agreed to a fine and order of restitution to be paid to the affected customers in relation to the unsuitable recommendations. Continue Reading