Frank Howard Zito of Ridgeland Mississippi a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been discharged by the firm on June 25, 2018 supported by accusations that Zito failed to abide by the firm’s policies concerning outside business activities disclosures and selling away from the firm.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Zito has been identified in two additional customer initiated investment related disputes containing allegations of Zito’s improper conduct or sales practice violations while employed with Merrill Lynch and Morgan Keegan & Company, Inc. Specifically, on August 12, 2008, a customer filed an investment related complaint involving Zito’s conduct in which the customer sought $140,000.00 in damages founded on accusations that while Zito was associated with Morgan Keegan, he made misrepresentations to the customer concerning the customer’s investment in Pioneer Diversified Income Fund.
Subsequently, a customer filed an investment related arbitration claim regarding Zito’s activities where the customer requested $571,000.00 in damages based upon allegations that between 2013 and 2018, unsuitable investment recommendations had been made to the customer, and Zito sold away from Merrill Lynch. FINRA Arbitration No. 18-01809 (May 16, 2018).
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