16 Aug Roger Zullo & LPL Financial – Allegedly Defrauding Clients, Selling Customers Unsuitable Variable Annuities, and Falsifying Client Suitability Profiles
Roger S. Zullo and His Firm LPL Financial Allegedly Falsified Client Financial Suitability Profiles, Defrauded His Clients, and Purportedly Sold His Customers– Many of whom Were Senior Citizens– Unsuitable Variable Annuities; Roger S. Zullo Allegedly Brought in $1.8 million in Commissions
Roger Salvatore Zullo, a Boston securities broker, allegedly defrauded his clients and falsified client financial suitability profiles, according to a Consent Order from the Massachusetts Securities Division currently under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf securities practice lawyers are investigating Roger Zullo’s alleged investment fraud and falsification of client suitability profiles.
Investors who believe they may have lost money in activity related to Roger Zullo’s alleged investment fraud and falsification of client suitability profiles are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Roger Zullo allegedly profited on the sales of unsuitable, illiquid, high-commission variable annuities and purportedly committed violations of the firm’s own sales policies, according to the aforementioned Order.
Roger Zullo, from 2013 through April 2016, allegedly fabricated client risk profiles in order to sell “scores” of annuities and he also allegedly brought in $1.8 million in commissions while many of his clients surrendered cost of thousands of dollars, according to the complaint filed by Secretary of the Commonwealth William Galvin.
FINRA opened up an investigation in January of 2017 regarding allegations of fraud, falsification, and unsuitability in the complaint filed by the Massachusetts Securities Division, the Order states. A few parts of the alleged misconduct in the complaint also alleged purportedly affected customers who were senior citizens, the Order notes.
Roger Zullo Barred from the Securities Industry in Massachusetts, Given a $40,000 Administrative Fine, and Disgorgement Payment of $1,875,348
Roger Zullo, based on the aforementioned alleged behavior, consented to a permanent bar from the securities industry in Massachusetts, a $40,000 administrative fine, and disgorgement of $1,875,348, according to the aforementioned Order currently under review by attorneys Joe Peiffer and James Booker.
Payment for disgorgement was waived due to Zullo’s financial circumstances, the Order also states.
Zullo, who has been working in the securities industry since 1988, has no disclosure events listed on his BrokerCheck profile, according to FINRA.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Roger Zullo’s alleged investment fraud and falsification of client suitability profiles. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Roger Zullo’s alleged investment fraud and falsification of client suitability profiles may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 585-310-5140 or via e-mail at [email protected] or [email protected]