Merrill Broker Fired Over Expense Account Charges

Merrill Lynch fired another broker last week, Sandy Galuppo, who reportedly has $1.4 billion in assets for the firm. The company fired him due to “conduct including improper submission of personal expenses for reimbursement, resulting in management’s loss of confidence,” according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report. Mr. Galuppo worked out of the firm’s Boston, Massachusetts branch office. This is one of the few times a firm has fired a star broker such as Mr. Galuppo, who was rated one of the top advisors in Massachusetts in 2013, according to Barron’s magazine. In the past, a broker’s misconduct is overlooked, but these days, with heightened security from the states, Securities and Exchange Commission (SEC) and FINRA, that is changing. Last year, Merrill Lynch fired Thomas Buck, an Indiana broker who had $1.3 billion in client assets, because the firm alleged that he failed to discuss pricing alternatives with clients. He was later barred from the industry. Galuppo was registered with Merrill Lynch in New York, New York from September 1995 until October 2016, according to his online FINRA BrokerCheck report. He is not licensed within the industry.

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