Philip Peter Parziale of Boston Massachusetts is a stockbroker currently registered with Citizens Securities Inc. who is the subject of a customer initiated investment related written complaint which settled on October 12, 2017 for $50,000.00 in damages based upon allegations that Parziale made misrepresentations to the customer concerning mutual funds transactions executed in the customer’s account.
Citizens Securities Inc. is a wholly owned subsidiary of Citizens Financial Group, Inc., which is owned by the Royal Bank of Scotland, and in substantial part, operates from kiosks located in traditional retail bank branch offices of Citizens Bank.
Since 2006, Citizens Securities Inc. has been fined more than $4.9 million by a series of federal and state securities regulators in connection with sales practice violations, including the failure to supervise, and telemarketing, and “cross-selling” of Citizen’s bank customers, in connection with the sale of variable annuities and other securities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on April 9, 2010, a customer filed an investment related written complaint regarding Parziale’s activities alleging that the customer’s variable life insurance contract had been misrepresented by Parziale.
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