Andrew Logullo, a registered representative from Los Angeles, California, formerly with Ameritas Investment Corp., was suspended from FINRA membership as a result of an investigation into his ownership of discretionary accounts with members of another firm, which is a violation of FINRA rules. Logullo entered into an acceptance waiver and consent agreement with FINRA in which he neither admitted nor denied the findings, but agreed to a suspension of six months and a fine of $10,000.
In May 2017, Andrew Logullo agreed to the suspension and FINRA published its findings that he did not tell his firm about his discretionary trading authority that he had with three investors at another firm. He did not provide correct authorization of his accounts with these investors and did not give written notice to his firm about his outside dealings with them. Logullo did not tell his clients that he was registered with FINRA at his current firm, but instead had them give him discretionary authority over their accounts and investments.
FINRA found that Andrew Logullo also had dealings as a president and agent at another firm that allowed him to give investment consulting advice to clients. His FINRA-registered firm was not told of this outside business, and claims not to have known about any of his roles outside of their firm.
Andrew Logullo’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Andrew Logullo was registered with Ameritas Investment Corp. from January 2015 to June 2015 and Integrated Trading and Investments from May 2012 to September 2012.
According to FINRA’s CRD disclosure report, Logullo has been the subject of two employment terminations after allegations and one regulatory investigation.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA has two primary ways to ensure compliance with the securities laws: by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via unlawful and unsuitable investment transactions. During that time, we have recovered money for over one thousand individuals, pension plans, trusts, and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.