The Investor’s Watchdog

The Investor's Watchdog

Cleveland Broker Dominic Tropiano Barred By FINRA

Monday, May 13, 2019

Dominic Tropiano of Cleveland, Ohio has been barred from acting as a broker or associating with a brokerage firm by the Financial Industry Regulatory Authority (“FINRA”). Dominic Tropiano was formerly licensed with America Northcoast Securities, Inc. and Key Investment Services LLC.

Dominic Tropiano has a history of customer complaints. According to public record, 6 customer disputes alleging sales practice violations against Dominic Tropiano are currently pending. According to Dominic Tropiano’s CRD, these allegations include breach of fiduciary duty, unsuitability, unauthorized trading and failure to supervise among other allegations. According to Dominic Tropiano’s CRD, these disputes allege damages of $800,000, $400,000, $330,000, $250,000 $150,000 and $100,000.

According to FINRA filings, between May 2015 and April 2016, Tropiano recommended over 800 transactions involving non-traditional exchange-traded funds (“ETFs”) to at least 47 customers, without having a reasonable basis to believe those transactions were suitable for anyone, due to his lack of understanding of the unique risks, terms and features of the products. Tropiano’s recommendations involving non-traditional ETFs were also unsuitable for those 47 customers in light of their investment profiles. As a result of his unsuitable recommendations, Tropiano violated FINRA Rules 2111 and 2010.

Between May and September 2015, Tropiano caused 52 non-traditional ETF transactions to be placed in two customer’s securities accounts without the customers’ knowledge or consent, and in the absence of written or oral authorization for Tropiano to place such trades. As a result of his unauthorized transactions, Tropiano violated FINRA Rule 2010. Between May 2015 and April 2016, while Tropiano engaged in the securities business of American Northcoast by soliciting the purchase and sale of nontraditional ETFs in the accounts of at least 47 of American Northcoast’s customers, Tropiano was not properly registered with FINRA. As a result, Tropiano violated NASD Rule 1031 and FINRA Rule 2010.

If you or someone you know lost money investing through Dominic Tropiano, the attorneys at ChapmanAlbin are available to discuss your rights and options for seeking recovery of your financial losses and to answer any questions you may have. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at (877) 410-8172 for a free consultation.

Author: Philip Vujanov

Philip Vujanov is an associate attorney at ChapmanAlbin. He represents investors nationwide before the Financial Industry Regulatory Authority in arbitration and is an active member of the Public Investors Arbitration Bar Association.

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