America Northcoast Securities Sued For Fraud

Dominic Anthony Tropiano, of Cleveland, Ohio, a stockbroker formerly registered with America Northcoast Securities, Inc., was named in a customer initiated investment related arbitration claim, in which the customer requested $800,000.00 in damages based upon allegations that from 2015 to 2016, Tropiano violated FINRA Rules and Ohio Securities Act, breached his fiduciary and contractual duties to the customer, placed trades in the customer’s investment account without authorization, effected unsuitable transactions, negligently managed the customer’s investment account, and ultimately committed defrauded the customer pertaining to leveraged exchange traded fund transactions. The customer additionally alleged that America Northcoast Securities, Inc. failed to supervise Tropiano’s activities.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Tropiano has been identified in four additional customer initiated investment related disputes containing allegations of Tropiano’s misconduct while employed with Key Investment Services, LLC. On August 7, 2014, a customer filed an investment related written complaint involving Tropiano’s conduct, in which the customer requested $36,000.00 in damages based upon allegations that Tropiano made misrepresentations to the customer regarding the features of a life insurance policy.

Subsequently, on January 28, 2016, a customer filed an investment related written complaint regarding Tropiano’s activities, in which the customer requested $120,000.00 in damages based upon allegations that Tropiano effected mutual fund transactions in the customer’s account that were not suitable. On August 1, 2016, a customer filed an investment related arbitration claim involving Tropiano’s conduct, in which the customer requested $400,000.00 in damages based upon allegations that Tropiano effected unauthorized and unsuitable leveraged exchange traded fund transactions in the customer’s account, breached his fiduciary and contractual duties to the customer, and negligently managed the customer’s investment portfolio.

On August 15, 2016, another customer filed an investment related arbitration claim regarding Tropiano’s activities, in which the customer requested $330,000.00 in damages based upon allegations that Tropiano effected unsuitable transactions in the customer’s account pertaining to exchange traded funds.

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