Former Key Investment Services Broker, Dominic Tropiano, Barred By FINRA For Alleged Sales Practice Misconduct
Dominic Tropiano was a Financial Advisor at Key Investment Services, LLC in Cleveland, Ohio. Dominic Tropiano entered the securities industry in 2004 and previously worked for Natcity Investments, Inc. and American Northcoast Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2019, FINRA sanctioned Dominic Tropiano, barring him from the securities industry. The FINRA sanction states:
“Without admitting or denying the findings, Tropiano consented to the sanction and to the entry of findings that he recommended transactions involving non-traditional exchange-traded funds (ETFs) to 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. The findings stated that Tropiano’s recommendations involving non-traditional ETFs were also unsuitable for those customers in light of their investment profiles, which included conservative investment objectives. The findings also stated that Tropiano caused non-traditional ETF transactions to be placed in customers’ securities accounts without the customers’ knowledge or consent, and in the absence of written or oral authorization for him to place such trades. The findings also included that Tropiano was not properly registered with FINRA while engaging in the securities business of a firm by soliciting the purchase and sale of non-traditional ETFs in the accounts of firm customers.”
For a copy of the FINRA sanction, click https://brokercheck.finra.org/individual/summary/4761462#disclosuresSection
In addition, Dominic Tropiano has been the subject of eight (8) customer complaints, including six complaints that remain pending, including the following:
- May 2017—”Claimants asserted numerous claims in connection with their 2015 and 2016 investments in leveraged ETFs made by another individual, including negligence, violations of FINRA rules, breach of fiduciary duty, unsuitability, unauthorized trading, and failure to supervise.” Alleged damages are $250,000 and the matter remains pending.
- April 2017—”Claimants asserted numerous claims in connection with their 2015 and 2016 investments in leveraged ETFs, including violations of the Ohio Securities Act and FINRA rules, negligence, unsuitability, failure to supervise, unauthorized trading, breach of fiduciary duty, and breach of contract.” Alleged damages are $150,000 and the matter remains pending.
- January 2017—”Claimants asserted numerous claims in connection with their 2015 and 2016 investments in leveraged ETFs, including violations of FINRA rules and recommendations, negligence, unsuitability, failure to supervise, and unauthorized trading.” Alleged damages are $100,000 and the matter remains pending.
- August 2016—”Claimants asserted numerous claims in connection with their 2015 and 2016 investments in leveraged ETFs, including violations of the Ohio Securities Act and FINRA rules, negligence, unsuitability, failure to supervise, unauthorized trading, breach of fiduciary duty, fraud, and breach of contract.” Alleged damages are $800,000 and the matter remains pending.
For a copy of Dominic Tropiano’s CRD, click https://brokercheck.finra.org/individual/summary/4761462#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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