Securities Broker Robert Dandria Facing NT-ETP Suitability Disputes
Evidently, Financial industry Regulatory Authority (“FINRA”) BrokerCheck reports troubling information in regard to securities broker Robert James Dandria (CRD#: 1916172, Spring Lake, New Jersey). Notably, the securities broker, who joined International Assets Advisory (“IAA”) in 2010, has been disciplined by FINRA and NASD for violating industry rules. Not only that, but five or more investors disputed Dandria’s sales practices. Here’s more.
International Assets Advisory Client Alleges Unsuitability, Unauthorized Trading By Robert Dandria
Evidently, a client of International Assets Advisory brought a lawsuit in September 2020 over losses on non-traditional exchange traded products (NT-ETPs). First of all, the client indicated that Dandria may have sold unsuitable investments and traded without authorization. Secondly, Dandria supposedly breached a contract. Finally, the client alleged breach of fiduciary duty and negligent supervision by IAA. For this reason, the client demands compensation to offset investment losses. It appears that as of November 12, 2020, this matter is ongoing.
Dandria Allegedly Mismanages IAA Client’s Account
Notably, a client of International Assets Advisory took aim at Dandria through an April 2020 complaint. Purportedly, Dandria mismanaged the client’s account. It seems that the client invested in corporate bonds and listed equities including stocks. However, IAA denied this client’s claim in May 2020.
FINRA Suspends, Fines Robert Dandria For Unsuitable NT-ETPs
Also, financial industry watchdog FINRA took action against Dandria which resulted his suspension from February 3, 2020 to April 2, 2020 on top of a fine of $5,000. Evidently, these sanctions against Dandria resolve FINRA’s allegations of him violating FINRA suitability rules.
First of all, FINRA found that Dandria lacked a sufficient understanding of NT-ETP risks. Notably, the products were risky and intended for sophisticated investors who actively monitored their investments. Dandria did not know that NT-ETP valuations reset each day which could compound NT-ETP losses. Allegedly, clients held these investments for 30 to 758 days, with an average holding period of 327 days.
Past Client Disputes On Dandria’s BrokerCheck Record
Three investors brought disputes about Dandria from 2000 to 2001; two disputes settled and one was denied. Evidently, all three disputes involved allegations of unauthorized trading by Dandria. In one case, a client alleged misrepresentation of mutual funds and Dandria’s unapproved margin use. That matter settled through a $30,000 payment to the client.
Losses From Broker Robert Dandria?
FINRA BrokerCheck indicates that Robert Dandria denies all allegations of misconduct. Have you experienced losses by investing with Dandria? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Dandria.