Dominic Jude Sacca, of Northville, Michigan, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, in which the customer requested $100,000.00 in damages based upon allegations that Sacca made unsuitable investment recommendations concerning real estate investment trusts, mutual fund A shares, and a variable annuity. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02389 (Sept. 8, 2017). The customer additionally alleged to have been misled about the terms and conditions of investing.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sacca has been identified in five additional customer initiated investment related disputes containing allegations of Sacca’s misconduct while employed with American Express Financial Advisors Inc. and Ameriprise Financial Services Inc.
In particular, a customer was awarded $100,000.00 in compensatory damages according to an investment related arbitration claim pertaining to Sacca’s misconduct, based on findings of violations of the consumer protection and securities laws of the State of Michigan, breach of fiduciary duty, breach of contract, conversion and fraud regarding the customer’s managed account investments. National Association of Securities Dealers (NASD) Arbitration No. 01-03192 (June 19, 2002). Apparently, the customer was sold investments in technology funds, annuities, and limited partnerships that were not suitable considering the customer’s risk aversion and investment horizon.
Then, a customer initiated investment related arbitration claim involving Sacca’s conduct was settled for $75,000.00 in damages based upon allegations that Sacca made unsuitable investment recommendations to the customer, omitted facts concerning the risks of investing in speculative securities, and intended on committing fraud in the course of effecting the customer’s brokerage account transactions. NASD Arbitration No. 03-05908 (Aug. 26, 2004). Subsequently, on February 17, 2005, a customer filed an investment related written complaint involving Sacca’s conduct, in which the customer sought $10,000.00 in damages supported by allegations that Sacca effected stock transactions in the customer’s investment account that the customer did not authorize, and made improper investment recommendations to the customer relating to a variable annuity.
Moreover, a customer was awarded $126,130.30 in damages according to an investment related arbitration claim pertaining to Sacca’s wrongdoing, based upon findings that the customer was improperly advised to transfer investments in Johnson Controls out of the customer’s individual retirement account, resulting in the customers incurring undue tax liability and penalties. FINRA Arbitration No. 11-03230 (November 21, 2012). Ameriprise Financial Services, Inc. reportedly failed to supervise Sacca’s activities, and violated the Uniform Securities Act of the State of Michigan. Further, on February 18, 2016, a customer filed an investment related written complaint regarding Sacca’s activities, in which the customer requested $75,827.72 in damages based upon allegations that Sacca misled the customer by providing false information about KBS Real Estate Investment Trust.
Sacca was terminated from Ameriprise Financial Services, Inc. on September 18, 2017.
Guiliano Law Group
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