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Former LPL Financial Broker Roger Zullo Barred for Failing to Cooperate with Fraud Investigation

December 4, 2017

LPL Financial financial advisor, Roger Salvatore Zullo (Zullo), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action.  The underlying basis of the investigation involved allegations Zullo fabricated client suitability profiles in connection with variable annuity recommendations. As a consequence of Zullo’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.

 

Zullo (FINRA CRD No. 1882087) entered the financial industry in 1998.  From 2004 to December 2016, Zullo worked for LPL Financial LLC (“LPL Financial”).  Zullo was terminated form LPL Financial in 2016 as a result of an administrative complaint filed by the Massachusetts Securities Division.  Zullo no longer woks in the financial industry.

 

FINRA’s Department of Enforcement initiated an investigation into Zullo’s alleged misconduct.  FINRA specifically investigated the Massachusetts Securities Division complaint that alleged Zullo defrauded his clients, falsified client financial suitability profiles, and sold his customers unsuitable variable annuities.   As a result of the Massachusetts complaint, Zullo consented to a permanent bar from the securities industry in Massachusetts, a $40,000 administrative fine, and disgorgement of $1,875,348 in commissions.

 

FINRA sent Zullo a request to provide documents and information pursuant to FINRA Rule 8210.  According to FINRA, Zullo failed to cooperate with the investigation.

 

Based upon the foregoing alleged misconduct, FINRA asserted Zullo violated FINRA Rules 2010 and 8210.  Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Zullo failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210. 

 

Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers.  Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.

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