Dennis Clarence Twarogowski (CRD #1033169) Has a Regulatory Action and Customer Dispute Disclosure on FINRA BrokerCheck

Dennis Clarence Twarogowski (CRD #1033169) is currently registered with Independence Capital Co., Inc. and has disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 9, 2026. It reflects one final regulatory action and one pending customer dispute. If you invested with Dennis Clarence Twarogowski and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Dennis Clarence Twarogowski’s FINRA BrokerCheck report reflects one final regulatory action disclosure. A summary of the disclosure is below:

On January 27, 2026, Dennis Clarence Twarogowski’s FINRA BrokerCheck report shows a final action initiated by FINRA. According to Dennis Clarence Twarogowski’s FINRA BrokerCheck report and the AWC, he consented to findings that he and his firm failed to reasonably supervise representatives who recommended speculative, illiquid bonds to nine retail customers, including four seniors. BrokerCheck says those investments totaled $443,000. FINRA imposed a three-month suspension in any principal capacity, a $5,000 fine, and an undertaking.

Investor Disputes / Customer Complaints

Dennis Clarence Twarogowski’s FINRA BrokerCheck report reflects one pending customer dispute disclosure. A summary of the dispute is below:

On January 23, 2025, a customer alleged that Dennis Clarence Twarogowski failed to supervise a registered representative who put customers into a non-existing real estate program. The customer sought $100,000 in alleged damages. Dennis Clarence Twarogowski’s FINRA BrokerCheck report lists FINRA arbitration, Docket No. 25-00101, and shows the arbitration as pending.

Rule Summary #1: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system and written procedures that are reasonably designed to achieve compliance with securities laws and FINRA rules. When a case involves supervisory failures, this rule often sits at the center of the issue.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires brokers and firms to observe high standards of commercial honor and just and equitable principles of trade. FINRA often pairs this rule with supervisory violations when the conduct falls short of those standards.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Dennis Twarogowski:

Is currently registered with Independence Capital Co., Inc. BrokerCheck also states that he is currently inactive or suspended with at least one regulator. It lists his FINRA Compliance Officer and General Securities Principal registrations as suspended beginning February 17, 2026.

Has passed the Series 14, Series 24, Series 99TO, SIE, Series 7, Series 6, and Series 63 exams.

Was previously registered with firms that include The O.N. Equity Sales Company and Managed Investments, Inc.

Kurta Law Can Help

If you have worked with Dennis Twarogowski and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. A securities attorney can help you assess potential causes of action. You may be entitled to pursue recovery through FINRA arbitration or other avenues. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful Resources: Securities Attorney | What is Securities Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.