FINRA Bars Cherry Hill Allstate Stockbroker In Theft Investigation
Ciro Joseph Santoro of Cherry Hill New Jersey a stockbroker formerly registered with Allstate Financial Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Santoro did not provide FINRA with information that had been requested of him during its inquiry into Santoro’s activities. Case No. 2017054584801 (Jan. 16, 2018).
FINRA’s inquiry may have concerned Santoro’s termination from Allstate Financial Services, LLC. Specifically, Santoro was discharged by Allstate Financial Services LLC on June 8, 2017 supported by accusations of misappropriation.
FINRA Public Disclosure reveals that Santoro was issued a Notice of Suspension letter from FINRA on October 10, 2017 and a Suspension from Association letter from FINRA on November 3, 2017. Santoro was given until January 15, 2018 to request that his suspension be terminated. Since Santoro failed to respond by the deadline imposed, he was automatically barred by FINRA on January 16, 2018.
Subsequently, on October 3, 2018 Santoro’s securities registration in the State of New Jersey was revoked according to an Order issued by the New Jersey Bureau of Securities which justified the revocation based on FINRA’s barring of Santoro from the securities industry. Moreover, on October 10, 2018, a customer filed an investment related complaint concerning Santoro’s conduct in which the customer sought compensatory damages founded on allegations that while Santoro was associated with Allstate Financial Services LLC, a variable universal life insurance policy illustration possibly contained forged customer signatures; and the customer was steered into purchasing a universal life insurance policy by being provided misleading information about the policy.