FINRA Bars Allstate Broker In Investigation

Robert Gerald Merlo of Midland Park New Jersey a stockbroker formerly employed by Allstate Financial Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Merlo disregarded a FINRA inquiry possibly pertaining to him being charged with fraud. Case No. 2017053574002 (Jan. 15, 2019).

Specifically, on February 28, 2018, in the United States District Court for the Southern District of New York, a Grand Jury indicted Merlo for committing, inter alia, wire fraud and conspiracy to commit wire fraud – felony charges. Case No. 1:17-cr-00738-LAK (Feb. 28, 2018). Evidently, on March 7, 2018, Allstate Financial Services LLC discharged Merlo based upon the receipt of the Grand Jury indictment.

Apparently, between 2017 and 2018, FINRA sought information from Merlo in regard to his activities; however, Merlo declined to cooperate with FINRA’s requests. Consequently, FINRA issued Merlo a Notice of Suspension letter on October 12, 2018 and a Suspension from Association letter on January 15, 2019. Merlo was apparently required to furnish FINRA with a request to terminate his suspension by January 14, 2019 if he wanted to remain in the securities industry. However, Merlo reportedly failed to communicate with FINRA by that deadline. By January 15, 2019, FINRA barred Merlo in all capacities.