A disciplinary action taken by the Financial Industry Regulatory Authority against Greenwood Village, Colorado broker and investment advisor Joe Yanofsky...Read More
Dominic Tropiano: FINRA Bars Former America Northcoast Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Cleveland, Ohio broker and investment advisor Dominic Tropiano (CRD# 4761462) barred him over allegations he recommended non-traditional exchange-traded fund transactions without a basis to believe they were suitable for his customers. A former representative of America Northcoast Securities, Tropiano was indefinitely barred from acting as a broker or otherwise associating with a broker-dealer firm as a result of these findings.
According to a Letter of Acceptance, Waiver, and Consent (No. 2016051098501) signed in May 2019, Dominic Tropiano recommended more than 800 non-traditional exchange-traded fund transactions to a minimum of 47 customers between May 2015 and April 2016, despite his lack of a reasonable basis to believe the transactions were suitable for the customers in question. FINRA’s findings state that Tropiano did not have an understanding of the products’ “unique risks, terms and features,” and that his recommendations were unsuitable for the 47 customers he recommended them to. FINRA’s findings also state that his actions resulted in “52 non-traditional ETF transactions… in two customer’s securities accounts without the customers’ knowledge or consent,” constituting unauthorized transactions. Tropiano also participated in securities business at America Northcoast Securities without proper FINRA registration, according to the findings, when he solicited the purchase and sale of non-traditional ETF products in at least 47 customers’ accounts, constituting violations of FINRA Rule 2010 and NASD Rule 1030.
As a result of the foregoing alleged conduct, Dominic Tropiano was barred from associating with any FINRA member in any capacity. FINRA records that no restitution in the case was ordered because his former member firm “paid a total of $1,526,500 to its customers for losses” resulting from the non-traditional ETF trades Tropiano solicited.
FINRA records also list six pending customer complaints and one settled customer complaint against Dominic Tropiano. Three pending complaints filed in 2017, concerning his conduct at America Northcoast, allege various claims stemming from non-traditional ETF investments. They allege damages of $250,000, $150,000, and $100,000, respectively. Another pending 2016 complaint alleging various claims stemming from non-traditional ETF investments, while he was employed at America Northcoast, seeks damages of $800,000.
Dominic Tropiano is not currently registered as a broker. His employment history includes America Northcoast Securities, Key Investment Services, Natcity Investments, and McDonald Investments. He currently holds no state licenses and has passed four securities industry qualification examinations.