UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC Admin Release 34-83603; IA Release 40-4955, July 6, 2018: The SEC deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940 against Roger S. Zullo. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings and the findings contained herein, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings pursuant to Section 15(b)(6) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions. On the basis of this Order and Respondent's Offer, the Commission finds that on April 4, 2017, Zullo consented to an order issued by the Commonwealth of Massachusetts Office of the Secretary of the Commonwealth Securities Division In the Matter of Roger S. Zullo, No. E-2016-0039, permanently barring Zullo from seeking registration or association in Massachusetts with an investment adviser, investment adviser representative, broker-dealer, broker-dealer agent, Securities and Exchange Commission registered investment adviser, investment adviser excluded from the definition of investment adviser, issuer, issuer agent, or a partner, officer, director or control person of any of the above in Massachusetts.

Order

Bar (Permanent)

any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO

Indefinite

7/6/2018

penny stock

Indefinite

7/6/2018

FINRA

Without admitting or denying the findings, Zullo consented to the sanction and to the entry of findings that he failed to produce FINRA requested information and documents related to an investigation into allegations of fraud, falsification, and unsuitability in an administrative complaint filed by the Massachusetts Securities Division. The findings stated that some of the misconduct in the complaint is alleged to have affect customers who were senior citizens.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

7/31/2017

CUSTOMER ALLEGES MISREPRESENTATION OF COMMISSIONS AND FEES, AND AN UNSUITABLE ANNUITY PURCHASE. ACTIVITY PERIOD: 2/14/08 TO 12/12/16.

$50,000.00

$50,000.00

Customer alleges that annuity was misrepresented and that lack of disclosure of rider has caused losses in retirement income.

$95,165.00

$44,181.00

CUSTOMERS ALLEGE LACK OF DISCLOSURE, MISREPRESENTATION OF COMMISSIONS AND FEES, ADDITIONAL BILING FOR HOURLY PLANNING SERVICES, AND AN UNSUITABLE ANNUITY EXCHANGE. ACTIVITY PERIOD: 2/14/2008 - 12/12/2006.

$27,000.00

CUSTOMER'S POA ALLEGES UNSUITABLE VA PURCHASE AND EXCESSIVE FEES.

LPL Financial LLC

Discharged

The Massachusetts Securities Division filed an administrative complaint against the advisor, alleging fabrication of client suitability profiles and unsuitable recommendations of variable annuities, in violation of Sections 101, 102 and 204(a)(2)(G) of the Massachusetts Uniform Securities Act.

Massachusetts

The Enforcement Section alleges that Zullo fabricated the suitability profiles of numerous LPL clients, selling them scores of large, illiquid, unsuitable, high-commission variable annuities, at substantial upfront profits to himself and LPL, in violation of Sections 101, 102, and 204(a)(2)(G) of the Massachusetts Uniform Securities Act.

Consent

Bar (Permanent)

All Capacities in Massachusetts

4/4/2017

Cease and Desist

Censure

Civil and Administrative Penalty(ies)/Fine(s)

$40,000.00

Disgorgement

$1,875,348.00

Restitution