Ex-Merrill rep suspended, fined $10,000 over expense reports

Finra says Sandy Galuppo submitted improper reimbursement requests

Nov 9, 2017 @ 2:54 pm

By InvestmentNews

The Financial Industry Regulatory Authority has fined former Merrill Lynch representative Sandy Galuppo $10,000 and suspended him for one year for submitting dozens of business expense reimbursement requests that were not compliant with the firm's policies.

Finra said Mr. Galuppo "knew or was reckless in not knowing" that the requests were non-compliant.

From 2012 to 2015, Finra said, Mr. Galuppo submitted over 600 expense reimbursement requests. In them, Mr. Galuppo sometimes described meals with his team members as meals with clients, or personal meals as business meals. In other instances, he provided inaccurate information about the reported attendees at meals, Finra said.

It cited one example in which Mr. Galuppo submitted an expense for $430 that was identified as a client meal with a client representative in attendance, when in fact only Mr. Galuppo and another Merrill Lynch employee were present. In total, Finra found that approximately 82 expenses, primarily business-related meals, contained inaccurate information.

Mr. Galuppo joined Merrill Lynch in September 1995 and was discharged in October 2016. According to Finra's BrokerCheck website, he was then employed for less than a month at Boston-based WFS LLC before being terminated in April 2017. He is not currently associated with a Finra-member firm.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Dynasty's Penney: Top RIA trends for 2018

What's next for RIAs? Dynasty's Shirl Penney talks about the growing numbers of entrepreneurial advisers. Plus, what inspired his own entrepreneurship.

Latest news & opinion

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print