Roger Salvatore Zullo, of Boston, Massachusetts, a stockbroker formerly registered with LPL Financial LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that Zullo, inter alia, defrauded customers and made unsuitable investment recommendations. Letter of Acceptance, Waiver and Consent, No. 2014039169601 (July 31, 2017).
According to the AWC, Zullo was terminated from LPL Financial LLC in December of 2016, wherein the firm notified FINRA that the firm’s decision was supported by the allegations cited in a Massachusetts Securities Division regulatory action against Zullo for committing sales practice violations, including unsuitable investment recommendations and falsification of customer account details. Zullo then became subject of a FINRA investigation in January of 2017, wherein Zullo’s activities had been reviewed for fraud. The AWC stated that from January of 2017 to March of 2017, Zullo was asked by FINRA on several occasions to provide information and documentation to FINRA staff in furtherance of the investigation into his misconduct. Zullo failed to respond to FINRA as required.
The AWC then revealed that in April of 2017, Zullo’s counsel informed FINRA staff that Zullo understood what was requested of him but would not be cooperating at any point. FINRA found that Zullo’s failure to provide the information and documentation was violative of FINRA Rules 2010 and 8210.
Moreover, Zullo consented to sanctions including a permanent bar, disgorgement of $1,875,348.00, and civil fine of $40,000.00 imposed by the Massachusetts Securities Division Order containing that customers were defrauded by Zullo as he lied about customers’ suitability information and made inappropriate recommendations for customers to invest in variable annuities. Case No. E-2016-0039 (Apr. 4, 2017). Zullo’s conduct was found by Massachusetts Securities Division to be violative of Massachusetts Uniform Securities Act Sections 101, 102 and 2014.
FINRA Public Disclosure further reveals that Zullo has been identified in four customer initiated investment related disputes concerning allegations of his misconduct while he was employed with LPL Financial, LLC. Particularly, on May 18, 2017, a customer initiated investment related written complaint involving Zullo’s conduct was settled for $27,000.00 in damages based upon allegations that he effected the exchange of an annuity despite it having been unsuitable for the customer, and made misrepresentations to the customer regarding fees and commissions associated with advisory services. Zullo has also been subject of a customer initiated investment related dispute on February 15, 2017, in which the customer sought $50,000.00 in damages based upon allegations against Zullo of suitability.
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