Frank Howard Zito, formerly with Merrill Lynch, Suspended by FINRA for 16 Months
Have you lost money with financial advisor Frank Zito? We are looking into allegations made about Frank Howard Zito from Ridgeland, Mississippi. FINRA (the Financial Industry Regulatory Authority) suspended Frank Zito from the securities industry for sixteen months and ordered a $10,000 fine. FINRA alleged that Frank Zito engaged in private securities transactions without disclosing them to his former brokerage firm, Merrill Lynch. Zito was alleged to have sold $5 million worth of investments in Madison Timber Properties, which turned out be a giant Ponzi scheme run by Arthur Lamar Adams.
Frank Zito was a financial advisor and registered representative of Merrill Lynch from March 2010 to July 2018. He worked in a branch office in Ridgeland, Mississippi.
Brokerage firms like Merrill Lynch have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Seattle, Washington; Denver, Colorado; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout Mississippi. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Merrill Lynch.