Investors Sue America Northcoast For Misconduct
Dominic Anthony Tropiano of Cleveland Ohio a stockbroker formerly registered with America Northcoast Securities is referenced in a customer initiated investment related arbitration claim in which the customer requested $250,000.00 in damages founded on allegations that (1) unauthorized transactions were effected in the customer’s account (2) leveraged exchange traded fund transactions were not suitable for the customer (3) fiduciary duties had been breached (4) the customer’s account was improperly handled (5) transactions failed to comply with FINRA rules and (6) America Northcoast Securities Inc. neglected to supervise Tropiano’s activities which caused the customer to sustain losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01197 (May 17, 2017).
FINRA Public Disclosure confirms that Tropiano is referenced in seven more customer initiated investment related disputes pertaining to accusations of his misconduct during the time that he was associated with America Northcoast Securities Inc and Key Investment Services LLC. In particular, a customer filed an investment related arbitration claim concerning Tropiano’s activities where the customer sought $800,000.00 in damages based upon allegations of the breach of contractual and fiduciary duties that were owed to the customer; unauthorized and unsuitable leveraged exchange traded fund trades being effected in the customer’s account; mismanagement of the customer’s account; violations of Ohio Securities Act as well as FINRA Rules; and the customer having been defrauded on leveraged exchange traded funds transactions between 2015 and 2016. FINRA Arbitration No. 16-02370 (Aug. 31, 2016).
Subsequently, a customer initiated investment related arbitration claim involving Tropiano’s activities was resolved for $85,000.00 in damages supported by accusations that Tropiano gave the customer bad advice regarding mutual funds held in the customer’s account between 2014 and 2015. FINRA Arbitration No. 16-01178 (Dec. 27, 2017). Another customer filed an investment related arbitration claim regarding Tropiano’s conduct in which the customer requested $100,000.00 in damages founded on allegations of unauthorized trading, supervisory failures, unsuitability, negligence, and violation of FINRA rules with regard to the leveraged exchange traded funds placed in the customer’s investment portfolio between 2015 and 2016. FINRA Arbitration No. 17-00156 (Jan. 23, 2017).
Also, a customer filed an investment related arbitration claim regarding Tropiano’s activities where the customer sought $150,000.00 in damages based upon accusations that contractual and fiduciary duties were owed to the customer but violated by the firm and Tropiano; alternative investment trades were inappropriate for the customer given the customer’s objectives of investing or tolerance for risk; the customer’s account had been negligently handled; and transactions were executed in violation of FINRA Rules and Ohio Securities Act. FINRA Arbitration No. 17-01026 (Apr. 25, 2017).
Tropiano’s registration with America Northcoast Securities Inc. has been terminated as of June 10, 2016.