Last Updated: October 2024 (Fair Lawn, New Jersey)
Anthony T. Megaro Financial Advisor Fraud Alert
National securities fraud lawyers at Patil Law P.C. are investigating broker Anthony T. Megaro (CRD #1977837), who has faced multiple regulatory actions and customer disputes, including allegations of unsuitable investment recommendations and failure to comply with firm policies. His record raises significant concerns for potential investors.
Anthony T. Megaro (CRD #1977837) is a financial advisor with over 30 years of experience, currently registered with Nationwide Planning Associates in Fair Lawn, New Jersey. However, his career has been overshadowed by multiple customer disputes and regulatory actions, including allegations of unsuitable investment recommendations and document fraud, raising concerns for potential investors. Below, we provide further details on these incidents and accusations against Megaro.
Critical insights about Fair Lawn, NJ stockbroker Anthony T. Megaro:
- Advisor Name: Anthony T. Megaro
- CRD: 1977837
- Location: Fair Lawn, New Jersey
- Current Employer: Nationwide Planning Associates Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: Fair Lawn, NJ
- Can Anthony T. Megaro be sued in private FINRA arbitration: Yes
- Has Mr. Megaro been barred by FINRA: No
- Highest Damages Allegation: $375,000
- Pending Customer Dispute: Yes
If you have suffered investment losses due to Anthony T. Megaro, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker Anthony T. Megaro?
Anthony T. Megaro has been involved in several disputes related to document integrity, unsuitable investments, and unauthorized transactions:
- Pending Complaint (2021): A customer alleges fraudulent beneficiary designation and forgery of signatures for variable annuities. The case involves $375,000 in damages and is pending in the Superior Court of New Jersey, Chancery Division (Docket #C-121-21).
- Settlement (2016): A customer filed a complaint alleging the sale of an unsuitable variable annuity. The case was settled for $24,764.99, with the firm agreeing to extend the free-look period.
Allegations of Broker Misconduct Against Anthony T. Megaro
Anthony T. Megaro has faced the following allegations across various customer disputes and regulatory actions:
- Unsuitable Investment Recommendations: Several customers have alleged that Megaro recommended variable annuities that were not suitable for their financial objectives.
- Fraudulent Beneficiary Designation: Allegations include forging customer signatures and altering beneficiary designations on IRA accounts without the knowledge or consent of the clients.
- Failure to Follow Firm Policies: Megaro was discharged from Park Avenue Securities LLC in 2022 for failing to comply with firm policies regarding document integrity and authenticity.
These actions may indicate violations of FINRA Rule 2111, which governs the suitability of investment recommendations, and FINRA Rule 4511, which requires the accurate maintenance of records.
Broker Experience Summary
Anthony T. Megaro (CRD #1977837) is a financial advisor with over 30 years of experience in the securities industry. Throughout his career, Megaro has been registered with several firms, including Nationwide Planning Associates Inc., Park Avenue Securities LLC, and G.A. Repple & Company. He holds multiple state licenses and has passed several key industry exams, including the Series 7 – General Securities Representative Examination and the Series 63 – Uniform Securities Agent State Law Examination, qualifying him to provide securities services in a wide range of states.
Megaro’s career spans multiple firms and states, with registrations in states like New Jersey, New York, and Florida. Despite his long career, he has faced multiple customer disputes and regulatory actions, which have impacted his record with FINRA.
Negative Disclosures and Customer Disputes
Anthony T. Megaro has been involved in multiple customer disputes and regulatory actions. Below is a summary of the incidents:
- Pending Complaint (2021): A client alleged fraudulent beneficiary designation and forgery involving variable annuities, seeking $375,000 in damages. The case is currently pending in the Superior Court of New Jersey, Chancery Division (Docket #C-121-21).
- Settlement (2016): A customer filed a complaint alleging the sale of an unsuitable variable annuity. The firm agreed to extend the free-look period to settle the case for $24,764.99.
- Regulatory Action (2022): Megaro was discharged from Park Avenue Securities LLC for failing to comply with firm policies regarding document integrity and customer signature authenticity.
There have been no reported tax liens or additional regulatory actions against Megaro.
Allegations and Accusations
Anthony T. Megaro has faced several allegations, including:
- Unsuitable Investment Recommendations: Multiple clients have alleged that Megaro recommended variable annuities that were not suitable for their financial profiles and objectives.
- Fraudulent Beneficiary Designation: Megaro is accused of forging signatures and altering beneficiary designations on accounts without client authorization.
- Failure to Comply with Firm Policies: In 2022, Megaro was discharged from Park Avenue Securities for not following firm protocols regarding the handling of important client documents, particularly around ensuring the authenticity of customer signatures.
These accusations suggest possible violations of FINRA Rule 2111, regarding the suitability of recommendations, and FINRA Rule 4511, which requires proper record-keeping and document integrity.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Anthony T. Megaro or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
