Securities Arbitration Lawyers BlogFormer Broker Frank Zito Discharged From Merrill Lynch
Frank Howard Zito (CRD #2766336) is a former registered broker and investment advisor. He was most recently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Ridgeland, MS. He was previously registered with Morgan Keegan & Company, Inc. (CRD #4161) and Amsouth Investment Services, Inc. (CRD #15692), both of Jackson, MS. He began in the industry in 1996.
Zito is the subject of three disclosures. He was discharged by Merrill Lynch on 6/25/2018 for “Conduct including failure to adhere to Firm standards regarding selling away and failure to fully disclose participation in an outside business activity.” (“Selling away” is when a broker sells securities that are not being offered by the brokerage firm they are working for. This is a violation of securities regulations.)
The discharge follows a customer dispute filed on 5/18/2018 with allegations of selling away, as well as unsuitable investment recommendations from 2013 until January 2018. The customer is requesting damages of $571,000.00. This dispute is currently pending.