Our firm is investigating Dominari Securities broker and investment advisor Kyle Michael Wool (CRD# 4238101) of New York, New York for potential investment-related misconduct.
Financial Advisor’s Career History
Mr. Wool is currently registered with Dominari Securities LLC (since April 18, 2023) in New York, NY. Previously, he was registered with Revere Securities LLC (Jan 2021–Apr 2023), Morgan Stanley (May/Jun 2013–Feb 2021, including Morgan Stanley Private Bank roles), Oppenheimer & Co. Inc. (Mar 2005–May 2013), Raymond James Financial Services, Inc. (Jun 2003–Apr 2005), Sands Brothers & Co., Ltd. (Apr 2002–Nov 2003), Global Capital Securities Corporation (Jan 2001–Mar 2002), and Global Capital Markets, LLC (Jul 2000–Jan 2001).
Kyle Michael Wool Fraud Allegations and Investor Complaints Explained
Based on FINRA’s BrokerCheck disclosures for Mr. Wool, the record reflects multiple customer disputes across several firms and time periods. Details and outcomes are summarized below.
Key Disclosures (chronological highlights)
- 2005 – Raymond James Financial Services, Inc.
Allegations: Unsuitability; client believed funds were intended for safety/emergency use; damages claimed $120,000.
Disposition: Denied (no action). - 2008 – Oppenheimer & Co. Inc.
Allegations: Unauthorized transactions (Feb–Apr 2008); damages claimed $438,254.87.
Disposition: Denied (no action). - 2009–2011 – Oppenheimer & Co. Inc.
Allegations: Unsuitability, churning, and misrepresentation (2006–2009); damages claimed $2,000,000.
Disposition: Settled on March 11, 2011 for $337,500; individual contribution $168,750. FINRA Arbitration 09-6233. - 2020–2021 – Morgan Stanley Smith Barney
Allegations: Unauthorized trading; damages claimed $50,000.
Disposition: Settled on December 18, 2023 for $50,000; FINRA 23-02245. - 2021–2023 – Revere Securities LLC
Allegations: Unauthorized trading; conversion; material misrepresentations/omissions; violations cited of FINRA Rules 2010, 2020, 2090, 2111(a), 3110, 3260(b), 4330(a); Reg BI; SEA §10(b);** negligence; breach of fiduciary duty/contract; damages claimed $1,477,272 (approx.).
Status/Disposition: The record includes entries reflecting settled for $50,000 on Oct. 23, 2023 and a firm-reported arbitration pending associated with the same docket 23-02245. - 2025 – Dominari Securities LLC
Allegations: Misallocated shares of an IPO; compensatory damages sought between $1,000,000.01 and $5,000,000.00.
Status: Pending (FINRA Arbitration 25-00572; filing Mar. 19, 2025; complaint received Apr. 1, 2025).
Bullet-Point Disclosure Snapshot
- 2005 RJFS: Unsuitability claim — Denied.
- 2008 Oppenheimer: Unauthorized transactions — Denied.
- 2011 Oppenheimer: Unsuitability/churning/misrepresentation — Settled $337,500 (individual $168,750).
- 2023 Morgan Stanley Smith Barney: Unauthorized trading — Settled $50,000 (Dec. 18, 2023).
- 2023 Revere: Multiple rule violations alleged; damages ≈ $1.48 million — entries reflect settled $50,000 (Oct. 23, 2023) and arbitration pending (same docket 23-02245).
- 2025 Dominari: IPO allocation dispute — Pending; damages $1M–$5M; FINRA 25-00572.
Note: FINRA reports may include contested, unresolved, or unproven allegations and parallel entries from different reporting sources (firm vs. broker). Final outcomes can differ from initial allegations.
To obtain a copy of Kyle Michael Wool’s FINRA BrokerCheck report, visit this link. Our investigation focuses on whether losses tied to the disputes above resulted from sales-practice violations and whether investors have viable recovery options through FINRA arbitration.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability). When a broker recommends a transaction or strategy, the recommendation must be suitable based on the customer’s investment profile (e.g., risk tolerance, objectives, time horizon). Allegations of unsuitable portfolios (e.g., 2006–2009 claims at Oppenheimer) and equity purchases not aligned with safety/emergency objectives (2003–2004 at RJFS) raise Rule 2111 concerns, including whether the broker had a reasonable basis for recommendations and whether the mix/turnover of securities fit the client’s profile.
FINRA Rule 3260(b) (Discretionary Accounts & Unauthorized Trading). This rule restricts brokers from exercising discretion in customer accounts without prior written authorization and firm approval. Unauthorized trading allegations (e.g., 2020–2021 at Morgan Stanley Smith Barney) squarely implicate Rule 3260(b). The analysis looks at trade timing/size, absence of documented consent, and whether any “time and price” exceptions apply.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade). Rule 2010 is a broad conduct standard. When complaints allege conversion, material misrepresentations/omissions, or mishandled IPO allocations (e.g., Dominari 2025), adjudicators often pair specific rules (e.g., 2111, 2090, 3110, 4330(a)) with Rule 2010 to address overall fairness and ethical obligations. Supervisory obligations under Rule 3110 may also be implicated where firm oversight of the broker’s activity is at issue. References to Reg BI may also arise when recommendations to retail customers are involved.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
