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

The secret to working with next gen clients?

Alan Moore of XY Planning says working with millennials isn't as difficult as some advisers make it sound. Here are three strategies for success.

Video Spotlight

We started as a boutique firm with huge ambitions. Schwab was a perfect fit.

Sponsored by Schwab Advisor Services

Recommended Video

Keys to a successful deal

Latest news & opinion

10 millennials making their mark in Washington — and beyond

These next-generation leaders are raising their voices and gaining influence over financial advice regulation and legislation.

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.

10 highest paid professions in America today

These are the top-paying jobs in the U.S., according to Glassdoor.

Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

He pleaded guilty to securities fraud in 2017; charged clients excessive commissions.

Rules for claiming Social Security at 70

Some individuals' benefits will begin automatically; others have to take action.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print