Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Robert James D’Andria (CRD # 1916172) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The suspension occurred during the course of an investigation into unsuitable recommendations of securities. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. D’Andria.
Registration Background for Robert James D’Andria
Mr. D’Andria became registered in the securities industry in 1989 and was registered with Spring Lake, NJ based International Assets Advisory, LLC (CRD # 10645) at the time of the suspension. His prior registrations include Westminster Financial Securities, Inc. (CRD # 20677) from March 2010 to August 2010, Gunnallen Financial, Inc. (CRD # 17609) from November 2003 to March 2010 and John Hancock Funds, Inc. (CRD # 28262) from April 2001 to May 2001.
FINRA’s Finding and Conclusions against Robert James D’Andria
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated January 3, 2020, Mr. D’Andria consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From October 2014 through September 2015 (the “Relevant Period”), D’Andria recommended the purchase of  non-traditional exchange traded products (“NT-ETPs”)’ to five customers…”
- The recommendations were made without Mr. D’Andria “having a sufficient understanding of the risks and features associated with these NT-ETPs”;
- As a consequence of such lack of understanding, Mr. D’Andria “[failed] to have a reasonable basis to make [such] recommendations”; and
- As a result of his actions, Mr. D’Andria violated FINRA Rule 2111 regarding suitability of recommendations and FINRA Rule 2010, which requires associated persons, in the conduct of business, to “observe high standards of commercial honor and just and equitable principles of trade.“
FINRA Sanctions Robert James D’Andria
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s January 3, 2020 AWC also indicates that Mr. D’Andria consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any and all capacities for two months; and
- A fine of $5,000.00.
Robert James D’Andria has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. D’Andria reveals he has a history of customer complaints and/or arbitrations alleging fraud.
- On August 8, 2000 a customer initiated arbitration was filed alleging damages in the amount of $97,856.00. The Complaint alleged misrepresentation of facts regarding securities, unauthorized trading and inappropriate use of margin. The arbitration was settled in the amount of $30,000.00 on March 26, 2003;
- On January 31, 2000 a customer initiated complaint was filed alleging Mr. D’Andria engaged in unauthorized trading. The complaint was settled in the amount of $41,363.17 on February 7, 2000;
- On May 12, 2000 a customer initiated complaint was filed alleging Mr. D’Andria engaged in unauthorized trading. The complaint alleged damages in the amount of $6,250.00. The complaint was denied without action on May 19, 2000.
If you or someone you know has or had a brokerage account with Mr. Robert James D’Andria and have concerns regarding losses in your investments or possible fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.