Robert James D’Andria (also known as Bobby Dandria and Bob Dandria) of Spring Lakes, New Jersey, a stockbroker currently registered with International Assets Advisory LLC, is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $45,000.00 in damages founded on accusations of negligent supervision, fraud, unauthorized trading, breach of contract, and unsuitable non-traditional exchange-traded products while D’Andria was associated with International Assets Advisory. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03043 (October 28, 2021). The claim also contains allegations of unsuitable trading and breach of fiduciary duty resulting in damages.
D’Andria has been identified in four additional customer initiated investment related disputes regarding accusations of his activities while he was employed by securities broker dealers, including Merrill Lynch and International Assets Advisory. FINRA Public Disclosure shows that a customer initiated investment related complaint concerning D’Andria’s activities was resolved for $41,363.17 in damages supported by allegations that unauthorized stock trades were made in the customer’s account by D’Andria during the time that he was registered with Merrill Lynch.
On May 19, 2020, another customer filed an investment related complaint involving D’Andria’s conduct in which the customer sought $6,250.00 in damages based upon accusations of unauthorized purchases of over-the-counter equities and options by D’Andria when he was employed by Merrill Lynch.
D’Andria is also identified in a customer initiated investment related NASD arbitration claim which was settled for $30,000.00 founded on allegations of unauthorized purchases of bonds for the customer’s account and improper margin use resulting in damages. According to the claim, D’Andria made misrepresentations to the customer regarding a mutual fund.
On April 9, 2020, a different customer filed an investment related complaint regarding D’Andria’s activities where the customer requested $130,000.00 in damages supported by accusations that the customer’s account had been mismanaged by the stockbroker while he was associated with International Assets Advisory LLC. The complaint alleges that the customer incurred damages on common and preferred stock and corporate bond transactions.
FINRA Public Disclosure additionally shows that D’Andria has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that D’Andria provided unsuitable advice to customers concerning non-traditional exchange-traded products during the time that he was registered with International Assets Advisory. Letter of Acceptance, Waiver, and Consent No. 2017056579502 (January 3, 2020).
According to the AWC, D’Andria recommended NT-ETPs to customers without knowing the features or risks of the products. 21 purchases were made in five customer accounts resulting from D’Andria’s solicitations. FINRA states that customers held those investments between 30 and 758 days, with an average holding time of 327 days. Customers experienced losses of $93,000.00 by holding those products for extended periods.
The regulator notes that the NT-ETPs are generally unsuitable for customers holding them for more than one trading session. FINRA states that the products were especially risky given that losses could be compounded when valuations were reset – and valuations were reset each day. FINRA determined that D’Andria did not know about those compounding risks. D’Andria violated FINRA Rules 2010 and 2111.
D’Andria has been employed by International Assets Advisory as a stockbroker since July 2, 2010. He is also an investment adviser representative of International Assets Investment Management LLC since January 8, 2016.
