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Investors Seek Six Figures in Dispute With Dominick Ciocia 

Nov 22, 2022 Unsuitable Investments

Dominick Ciocia (CRD #: 1751317), a broker registered with B. Riley Wealth Management, is the subject of a pending dispute, according to his BrokerCheck record, accessed on November 7, 2022. If you have questions about Dominick Ciocia’s conduct as a broker, read on.

Investor Dispute

On September 6, 2022, multiple investors alleged Dominick Ciocia’s involvement in the unsuitable allocation of an IRA. They seek $100,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile contains information about their age, risk tolerance, and financial goals. 

Some common violations of this rule include:

  • Recommendations of high-risk investments, which may lead to losses for the client.
  • Recommendations of illiquid investments. These investments are intended to be held long-term, and investors may pay high fees if they try to sell them early.
  • Excessive trading, which violates the requirement for quantitative suitability. This means that the overall trading activity in an account must also suit an investor’s goals.
  • Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector may expose an investor to an unsuitable degree of risk.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information

Dominick Ciocia has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 24 – General Securities Principal Examination

Dominick Ciocia is a registered broker in 24 states and a registered investment adviser in Florida, New Jersey, New York, and Texas.

He has also worked for the following firms:

  • National Securities Corporation (CRD#:7569)
  • Asset & Financial Planning (CRD#:110709)
  • Prime Capital Services (CRD#:18334)
  • Royal Alliance Associates (CRD#:23131)
  • MML Investors Services (CRD#:10409)

Kurta Law Can Help

If you worked with Dominick Ciocia and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.