Bruce Anthony Zaro of Plymouth Massachusetts a stockbroker formerly employed by Bolton Global Capital has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Zaro signed customers’ names on account documentation without authorization to effect transactions in their accounts. Letter of Acceptance Waiver and Consent No. 2018057636001 (Jan. 22, 2019).
According to the AWC, in October of 2017, a customer’s name had been signed by Zaro on a distribution request form pertaining to the customer’s individual retirement account. Apparently, a living trust was listed as the beneficiary of the individual retirement account. The AWC indicated that Zaro caused the unauthorized transfer of individual retirement account funds into the trust account rather than investment accounts that the customer sought as the recipient of those funds. Supposedly, this created a tax problem, among other issues, for the customer’s account.
The AWC stated that in December 2017, the customer found out about the botched distribution requests, causing the customer to complain to the firm about Zaro’s activities. FINRA found that Zaro’s signing of the customer’s name on account documents without he customer’s consent was violative of FINRA Rule 2010. Moreover, FINRA stated that Zaro caused the firm to maintain inaccurate records and books in violation of Securities Exchange Act Rule 17-3 by having submitted the distribution request forms as though they contained the customer’s original signature. Consequently, FINRA found that Zaro’s activities in this respect was violative of FINRA Rules 2010 and 4511.
Zaro was terminated from Bolton Global Capital on January 30, 2018 supported by allegations that Zaro furnished documents to the firm that contained unauthentic signatures.
FINRA Public Disclosure confirms that Zaro is the subject of a customer initiated investment related dispute which was resolved on May 24, 2000 for $23,406.87 in damages based upon accusations that while associated with Gage-Wiley & Co., Inc., Zaro failed to correspond with the customer concerning the securities held in the customer’s account, causing the customer’s options positions to become worthless.
Zaro has been associated with International Assets Advisory LLC in Plymouth Massachusetts since January 31, 2018.
