Roger Zullo, a Boston securities broker, allegedly made fabricated client risk profiles in order to make sales of “scores” of annuities from 2013 through April 2016, the Order notes.
Zullo fell under the scope of a FINRA investigation which commenced on January 2017 regarding allegations of fraud, falsification, and unsuitability in the aforementioned complaint filed by the Massachusetts Securities Division, the Order states. Some sections of the alleged misconduct in the complaint also alleged purportedly affected customers who were senior citizens, the Order notes.
The complaint from the Massachusetts Securities Division also recently alleges that LPL Financial and Roger Zullo, allegedly profited on sales of unsuitable, illiquid, high-commission variable annuities and thus purportedly violated the firm’s own sales policies, the Order reports.
Zullo allegedly made $1.8 million in commissions and many of his customers purportedly surrendered cost of thousands of dollars, according to the aforementioned complaint filed by Massachusetts Secretary of the Commonwealth William Galvin, the Order notes.
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