ROGER ZULLO Cause You Investment Losses?

The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”), and at least one state regulator, have barred LPL Financial LLC stockbroker Roger Zullo (CRD#: 1882087, Boston, Mass.) from acting as a broker or investment advisor.  The SEC and FINRA actions come after Mass. Securities Division barred him, at least four investors filed claims alleging Zullo’s misrepresentation, and LPL discharged Zullo for falsifying suitability information. Here’s a summary of the actions against Zullo:

SEC Bars Roger Zullo From Being Securities Broker Or Investment Advisor

Apparently, SEC brought an Administrative Action #: 3-18575 on July 6, 2018. Primarily, the Commission focused on Commonwealth of Mass. Securities Division Order #: E-2016-0039 which barred Zullo from obtaining association or registration in Massachusetts with securities firms and investment adviser firms. Apparently, the Commonwealth Securities Division alleged that Zullo, in his capacity as LPL investment adviser rep, falsified information about investor suitability relating to annuity purchases. Supposedly, Zullo made untrue statements on investors’ applications, and made unsuitable annuity sales producing large commission for him and LPL. The Commonwealth instructed Zullo to disgorge $1,875,348 in commissions for variable annuities he sold from 2013 to 2016. Also, the Commonwealth ordered Zullo to pay a $40,000 penalty and cease and desist from violating the Massachusetts Securities Act. Evidently, SEC barred Zullo because of the Commonwealth’s Order.

Zullo Barred By FINRA Because Of Violating Rules 8210 and 2010

Also, on July 31, 2017, FINRA indefinitely barred Zullo according to Letter of Acceptance, Waiver and Consent (“AWC”) #:2017052732901. Namely, FINRA investigated him in 2017 for possible fraud, suitability, and falsification of forms. FINRA suspected he caused serious losses to investors, some including senior citizens. Evidently, Zullo failed to give FINRA information and documents between January and March 2017. Even when FINRA cut Zullo slack on deadlines and made several additional requests, Zullo still did not provide FINRA with any response. Because of this, FINRA stated that Zullo violated Rules 8210 and 2010.
LPL clients filed disputes against Zullo. Here is a summary of their claims:

January 18, 2017 Complaint Alleging Roger Zullo Misrepresented Annuities

Multiple LPL clients brought an investment dispute to the firm’s attention on January 18, 2017. Supposedly, Zullo failed to disclose important investment information to clients. Secondly, Zullo allegedly misrepresented his commissions and the fees clients had to pay for advice. Thirdly, clients alleged Zullo executed an unsuitable annuity exchange. Because of this, LPL agreed to pay the clients $27,000. to settle the matter May 18, 2017.

January 25, 2017 Complaint About Roger Zullo’s Lack Of Disclosures On Annuities

A client of LPL filed an investment dispute on January 25, 2017. According to the clients, Zullo misrepresented the annuity that he sold to the client. Not only that, but the client claimed that Zullo failed to give the client all the important information about an annuity rider. As a result, the client lost retirement income. Therefore, LPL, without admitting liability, agreed to pay the client $44,181 on April 28, 2017 to settle.

Have you experienced losses by investing with LPL Financial securities broker Robert Zullo? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.