Andrew John Logullo, of Los Angeles, California, a stockbroker formerly registered with Ameritas Investment Corp, has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Logullo engaged in undisclosed outside business activities and omitted information from his firm concerning outside brokerage firms that he was linked to. Letter of Acceptance, Waiver and Consent, No. 2015046063501 (May 15, 2017).
According to the AWC, between May and June of 2015, three investors were directed by Logullo to create accounts at another brokerage firm and permit him to effect transactions in their accounts on a discretionary basis. The AWC stated that the outside brokerage firm was informed by Logullo that the customers were clients of his. Evidently, Logullo indicated to the outside brokerage firm that he was not associated with a FINRA member brokerage firm; an inaccurate representation as he was factually associated with Ameritas Investment Corp during the time of the transactions.
The AWC stated that discretionary authorization was provided by the investors to Logullo pursuant to a trading agreement. Apparently, the arrangement for Logullo to effect trades in investors’ accounts had not been made known to Ameritas, nor did Logullo ever gain authorization from his firm to effect trades in outside investors’ accounts. Logullo’s conduct was consequently found by FINRA to be violative of FINRA Rules 2010 and NASD Rule 3050.
Further, the AWC reported that between January of 2014 and June of 2015, Logullo served in the capacity of an outside entity’s agent and president, in which the entity provided consultative securities based services. FINRA confirmed that Logullo’s activities in this regard were never disclosed by Logullo to Ameritas at any point since his hire. As a result, his conduct was found by FINRA to be violative of FINRA Rules 2010 and 3270.
Logullo’s registration with Ameritas Investment Corp. was terminated on June 19, 2015, based upon allegations that he sold away from his firm and did not disclose outside business activities as required. Since September 15, 1993, Logullo has been associated with seven different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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