Haselkorn & Thibaut Initiates Investigation into Dennis C. Twarogowski – Independence Capital, Parma, Ohio
If you are an investor concerned about Dennis C. Twarogowski (CRD #1033169) of Independence Capital Co., Inc. (CRD #24723) based in Parma, Ohio, you’re not alone. In light of recent regulatory developments, Haselkorn & Thibaut—one of the most trusted investment fraud law firms in the nation—is currently investigating matters linked to this financial advisor and his firm. Knowing the facts, red flags, and your options as an investor is vital. Read on for a comprehensive overview and helpful action steps, including how to secure a free legal consultation should you suspect potential losses or unsuitable recommendations.
Who is Dennis C. Twarogowski?
Dennis C. Twarogowski is a registered financial advisor affiliated with Independence Capital Co., Inc. Operating out of Parma, Ohio, he has been licensed since 2018 and holds both the Series 7 and Series 66 securities licenses. His CRD number is 1033169.
| Name | Dennis C. Twarogowski |
|---|---|
| CRD Number | 1033169 |
| Firm | Independence Capital Co., Inc. |
| Firm CRD Number | 24723 |
| Location | Parma, Ohio |
| Licenses Held | Series 7, Series 66 |
Summary of Complaints, Disputes, and Regulatory Actions
Transparency is crucial for investors assessing their financial relationships. Here is a clear, up-to-date overview based on publicly available regulatory records and FINRA BrokerCheck:
- Customer Complaints: No customer-initiated disputes or complaints have been reported against Dennis C. Twarogowski as of the latest records.
- Arbitration Awards: There are no arbitration awards associated with his advisory activities.
- Regulatory Proceedings: No direct regulatory actions, suspensions, or enforcement actions have been taken against him by FINRA or other self-regulatory organizations.
- SEC Proceedings: No SEC enforcement orders or investigations appear on record.
- Civil Litigation: There is no record of state or federal lawsuits or judgments against Mr. Twarogowski individually.
Recent Sanctions Against Independence Capital Co., Inc.
While Mr. Twarogowski himself has a clean regulatory record, it’s important to note that Independence Capital Co., Inc.—the Parma, Ohio-based firm with which he is registered—has faced scrutiny and disciplinary measures:
- Censured by FINRA: The firm was censured following a regulatory investigation.
- Restitution Ordered: FINRA ordered Independence Capital to pay $168,680 in restitution to affected investors.
- Regulatory Focus: A primary concern centered on shortcomings in the firm’s supervision and compliance with Regulation Best Interest concerning recommendations made for the purchase of GWG L Bonds.
Key Factors in the FINRA Action
- Independence Capital failed to reasonably supervise representatives recommending GWG L Bonds between 2020 and 2021.
- The firm lacked effective written supervisory protocols aligned with Regulation Best Interest and FINRA Rule 3110.
- GWG L Bonds were speculative and illiquid products, only suitable for investors with higher risk tolerance and no immediate need for liquidity.
- Nine retail customers—several of whom were seniors—were recommended these products, despite lower risk appetites and no speculative objectives.
- No adequate assessment was performed to confirm suitability in the context of these investors’ profiles.
Why Does This Matter for Investors?
Even if your advisor has no personal history of complaints, the surrounding compliance environment at their firm can impact your investments. GWG L Bonds are now notorious for being high-risk, especially after GWG Holdings filed for bankruptcy in April 2022. If you invested in these products through Independence Capital Co., Inc. you may be eligible for recovery due to these recent regulatory findings.
Red Flags Investors Should Watch For
- Concentration in High-risk Products: Did your portfolio become heavily weighted in speculative or illiquid investments?
- Unclear Explanations of Risk: Did you fully understand the risks and liquidity constraints of GWG L Bonds or similar products?
- Recommendations Inconsistent with Objectives: Were investments made that did not align with your stated financial goals or risk tolerance?
- Inadequate Supervision: Was there a lack of clear communication or follow-up from your advisor or the firm regarding your investments?
- Losses Following GWG Bankruptcy: Have you experienced losses or access issues since the bankruptcy of GWG Holdings?
If any of these circumstances apply, it may be time for a review of your account and advice received.
How Haselkorn & Thibaut Can Help
Haselkorn & Thibaut is a national investment fraud law firm with over 50 years of experience, a proven 98% success rate, and millions recovered for investors. Our goal is to help clients nationwide recover lost investments and hold firms accountable for regulatory lapses—whether they stem from failed supervision or unsuitable product recommendations. There is never a fee unless we recover funds for you.
Next Steps for Concerned Investors
- Check your investment accounts for potential red flags or unsuitable product sales.
- Request your advisor’s complete regulatory history and review firm disciplinary actions.
- If you have questions, concerns, or think you may be affected by unsuitable investments at Independence Capital in Parma, Ohio, contact Haselkorn & Thibaut today.
Schedule a Free, Confidential Consultation
Have you suffered losses with Dennis C. Twarogowski or Independence Capital? Get answers from a trusted source. Call Haselkorn & Thibaut’s GWG L Bond investigation hotline at 1 888-885-7162 today for a free, confidential discussion of your legal options. No recovery, no fee.
Your peace of mind is our priority. Our team is ready to provide you with clear guidance and strong advocacy during a challenging time. Don’t wait—protect your financial future now.
