Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Bruce Zaro: FINRA Suspended Bolton Global Capital Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against Providence, Rhode Island broker and investment advisor Bruce Zaro (CRD#) suspended him over allegations he signed a customer’s name without the customer’s knowledge or authorization. A representative of International Assets Advisory and former representative of Bolton Global Capital in Plymouth, Massachusetts, Zaro was suspended for 20 days and fined $5,000.
According to a Letter of Acceptance, Waiver and Consent () dated January 2019, Bruce Zaro signed the name of a customer of his member firm, Bolton Global Capital, on an IRA distribution request in October 2017. FINRA’s findings state that this unauthorized signature resulted in a funds transfer from the IRA account to another account in the trust it had been established for, although the customer had requested the funds be transferred to other accounts. FINRA states that this transfer also resulted in “potential tax consequences for the accountholders,” and that Bolton Global Capital documented the distribution request in its books and records.
FINRA’s findings go on to state that the client in question became aware of the unauthorized signature “in or around December 2017” while conducting a review of her accounts. The customer then complained to Bolton Global Capital, which reversed the funds transfer and completed the distributions as requested by the client. According to FINRA, Zaro’s unauthorized signature constituted a violation of FINRA Rule 2010, which concerns standards of commercial honor and just and equitable principles of trade. FINRA also states that by submitting the distribution request to Bolton Global Capital “as an original,” he caused his member firm to maintain inaccurate books and records, in contravention of industry rules. As a result of the foregoing alleged conduct, Bruce Zaro was suspended from association with any FINRA member in any capacity for two months. He was also ordered to pay a fine of $5,000.
Bruce Zaro has been registered with International Assets Advisory in Providence, Rhode Island since 2018. His employment history includes Bolton Global Capital in Plymouth, Massachusetts, Gage-Wiley & Company, Liberty Securities Corporation, Fidelity Brokerage Services, and Dean Witter Reynolds. He currently holds eight state licenses and has passed five securities industry qualification examinations.