Anthony Megaro: Why Did Park Avenue Securities Fire Paramus Advisor?

Paramus, New Jersey financial advisor Anthony Megaro (CRD# 1977837) was recently fired from his position at Park Avenue Securities in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the current Nationwide Planning Associates broker, who has been sanctioned by state securities regulators, is also involved in an investor complaint alleging six-figure damages.

Mr. Megaro’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2021, alleges forgery, the submission of annuity applications without the claimants’ knowledge or consent, and the addition of a redacted individual as a beneficiary to the claimants’ mother’s IRA without their knowledge. The pending complaint alleges damages of $375,000.

A second investor complaint, filed in 2015, alleged that as a representative of Park Avenue Securities, he recommended an unsuitable investment in a variable annuity. In 2016 the complaint reached a settlement of $24,764.99.

A third disclosure on Mr. Megaro’s BrokerCheck report concerns his 2022 termination from Park Avenue Securities. According to the disclosure, the firm discharged him in connection with allegations that he “failed to comply with the Firm’s policies and procedures related to document integrity and authenticity.”

In 2020 the New York Department of Financial Services sanctioned Mr. Megaro, according to a fourth disclosure on his BrokerCheck report. The disclosure states that he entered into a stipulation agreement with the Department in connection with his “failure to timely report the final disposition of two administrative actions against him.” He was issued a fine of $1,000. He was also sanctioned one year earlier, in 2019, by the Ohio Department of Insurance, which fined him $500 in connection with allegations that he “failed to disclose a Consent Order he entered into with the State of NJ Department of Banking and Insurance on March 15, 2002.”

A fifth disclosure on his BrokerCheck report describes that enforcement action by the New Jersey Department of Banking and Insurance. In this case, the regulator issued him a fine of $2,500 in connection with allegations he violated state law when he “distributed a solicitation for health insurance to New Jersey residents that was misleading and deceptive, in that it lead prospective purchasers to believe that they were guaranteed premium savings with the same or better coverage.”

According to the Financial Industry Regulatory Authority, Anthony Megaro holds 33 years of securities industry experience. Based in Paramus, New Jersey, he has been a broker with Nationwide Planning Services since December 2022. His registration history includes Park Avenue Securities (Parsippany, New Jersey; 1999-2002), Guardian Investor Services Corporation (New York, New York; 1990-1999), and Chubb Securities Corporation (Fort Wayne, Indiana; 1989-1990). He is currently licensed as a broker in Connecticut, the District of Columbia, and New York. (Information current as of January 14, 2023.)

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