LPL FINANCIAL SETTLES WITH MASSACHUSETTS SECURITIES DIVISION REGARDING ROGER ZULLO
Have you lost money with financial advisor Roger Zullo of Boston, Massachusetts? We are investigating allegations made by the Massachusetts Securities Division against Roger S. Zullo, an advisor at LPL Financial LLC. LPL Financial is also based out of Boston, Massachusetts. Massachusetts brought a complaint against both Zullo and LPL Financial LLC.
Massachusetts alleged that Zullo “defrauded his clients, lied to his supervisors, and fabricated client financial suitability profiles, in order to enrich himself and LPL by selling scores of identical, unsuitable, illiquid, and high-commission variable annuities”. Massachusetts also alleged that Zullo engaged in annuity switching – recommending that clients liquidate one variable annuity to invest in another – at the expense of his customers. It further alleged that Zullo and LPL received over $1.8 million in commissions from selling variable annuities, mostly from Polaris Platinum III variable annuities. Massachusetts further alleged that LPL Financial ignored countless warnings and red flags and failed to adequately supervise Zullo.
On January 27, 2017, Massachusetts entered into a consent order with LPL. According to the Consent Order, LPL was censured and was ordered to provide an accounting for losses attributable to the alleged conduct and provide restitution to investors. Additionally, LPL was ordered to pay a $975,000 fine and to undertake a comprehensive internal investigation of Zullo’s activities.
Roger Zullo was a financial advisor and registered representative of LPL Financial LLC from August 2004 to December 2016. He worked at a branch office in Boston, Massachusetts. Zullo’s BrokerCheck report discloses that he operates a business called Finn Zullo.
Brokerage firms like LPL Financial LLC have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado, the Seattle area, Chicago, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Massachusetts in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including many against LPL Financial.
Click to view: LPL Financial Massachusetts Order
Click to view: Zullo, Roger BrokerCheck 12.1.16 (1)
Click to view: Zullo, Roger Massachusetts Complaint (1)
IF YOU LOST MONEY WITH ROGER ZULLO OR LPL FINANCIAL LLC, PLEASE CONTACT ISRAELS & NEUMAN AT (720) 599-3505 FOR A FREE EVALUATION OF YOUR CASE.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.