Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Meyer Wilson Investigating Annuity Fraud Claims Against Broker Roger S. Zullo

The attorneys at Meyer Wilson are currently investigating annuity fraud claims against former LPL Financial broker and investment adviser representative Roger S. Zullo (CRD# 4658534).

On Jan. 27, the Massachusetts Securities Division censured LPL Financial for allegedly ignoring red flags and warnings from Roger S. Zullo’s supervisors about the nature of his annuity sales.

According to the Consent Order, LPL was censured and was ordered to provide an accounting for losses attributable to the alleged misconduct and provide restitution to investors. The state ordered LPL to pay a $975,000 fine and is requiring LPL to conduct an investigation into Zullo’s alleged fraudulent activities.

The Massachusetts Securities Division filed an administrative complaint against LPL Financial LLC and its broker and investment advisor Roger S. Zullo CRD# 1882087) on Dec. 1, 2016 for allegedly making sales of unsuitable variable annuities to at least 11 health care employees and retiree clients, bringing in approximately $1.825 million in variable annuity commissions over three years.

According to the complaint:

“For years, Roger S. Zullo, an LPL advisor, has 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, illiquid and high-commission variable annuities.”

The Massachusetts Securities Division says the vast majority of Zullo’s annuity sales were the Polaris Platinum annuities, which carry a 7 percent commission, which is split 90 percent for Zullo and 10 percent for LPL.

In fact, about $1,791,000 of that came from commissions on the same product, the Polaris Platinum III (B Shares) variable annuity, the complaint states. Many clients were forced to pay surrender charges after they were convinced to switch to this annuity.

One of the clients Zullo allegedly defrauded was a single woman and retired healthcare worker who had known him professionally for over 20 years. Zullo’s actions reportedly left her:

“with no financial sophistication [and] no assets at her disposal except those in Zullo’s hands and no nearby family to assist her financially.”

The complaint further argued that Zullo disregarded his clients’ wellbeing due to his greed to secure more commissions. Not only did the complaint note his misconduct, it also noted LPL’s systemic failure to provide adequate supervision.

As a result of these alleged fraudulent annuity transactions, LPL recognized as a “Top Producer” and awarded him membership in its “Chairman’s Club.” Zullo was also LPL’s second highest earning representative out of approximately 61 advisors during this time.

FINRA records show Zullo joined LPL in 2004 and has been registered as a broker-dealer agent in Massachusetts since 1988 and an investment advisor representative in Massachusetts since 2006. He is currently not registered with any state or firm.

The securities fraud attorneys at Meyer Wilson securities are currently investigating Roger Zullo’s alleged annuity fraud scheme. If you lost money investing with former LPL Financial broker Roger S. Zullo, or have questions about transactions you sold or purchased through LPL, contact our securities fraud attorneys today for a free case evaluation.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram