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Paul Petrillo: Ex-Thrivent Broker Barred Over Discretionary Trades
Paul Petrillo (CRD# 2212735), a financial professional formerly based in Volo, Illinois, was recently sanctioned by the Financial Industry Regulatory Authority over allegations he improperly placed discretionary trades in customers’ outside accounts. The former Thrivent Investment Management representative was barred from acting as a broker.
According to a Letter of Acceptance, Waiver and Consent (No. 2018058262001) dated January 2020, Paul Petrillo was associated with Thrivent Investment Management from 1992 until April 2018. Between August 2013 and April 2017, FINRA states, “placed 333 discretionary orders to purchase or sell securities in twelve customers’ outside securities accounts.” He did not notify his member firm, Thrivent Investment Management, of his authority to place these transactions, and did not notify the outside firm of his employment at Thrivent, according to FINRA. He also allegedly “opened a family trust securities account over which he had trading authority” outside of his member firm, without notifying it. FINRA’s findings go on to state that during the period in question, he also “placed fourteen orders to purchase or sell securities in two customers’ outside securities accounts without notifying Thrivent,” which FINRA states constituted 14 undisclosed private securities transactions. Later, according to the AWC Letter, FINRA asked Petrillo during an investigation into his conduct “to identify any customers’ accounts in which he traded away from his firm,” and he “deliberately failed to inform FINRA about 11 customer accounts” that had been involved in his trading away from Thrivent. As a result of the foregoing alleged conduct, which FINRA states violated FINRA rules, he was barred from associating in any capacity with any FINRA member firm.
Paul Petrillo is currently not registered as a broker or investment adviser. His previous registrations include Thrivent Investment Management in Volo, Illinois. He has passed five securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 14, 2020.)