Reza Zafari: Merrill Advisor Lands $2 Million Complaint

Los Angeles financial advisor Reza Zafari (CRD# 1332633) allegedly provided unsuitable advice, according to a recent, seven-figure investment complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Zafari’s BrokerCheck report discloses one investor complaint. Filed in May 2025, it alleges that as a representative of Merrill Lynch, he made misrepresentations and omissions of material facts, recommended an unsuitable investment strategy, and failed to act in the customer’s best interest between 2015 and 2023. The pending complaint alleges damages of $2.4 million.

Merrill Lynch’s website includes a profile of Mr. Zafari that describes him as a Managing Director of the Jones Zafari Group, a practice at the firm. “Reza has worked in private investment services since 1984,” it explains. “He concentrates on equity portfolio management, private equity, and diversification strategies. He spent three years at J.P. Morgan in Los Angeles, where he managed private banking services for the West Coast South Region, including securities brokerage, investment advisory, trust and estate planning services, and credit groups before moving to Merrill Lynch Wealth Management in 1999.”

Elsewhere on the practice’s website, it describes its mission and background. “As a multigenerational team we bring deep knowledge and fresh perspectives to managing significant wealth for individuals and families across generations,” it explains. “Our commitment to personalized attention, insightful guidance, and boutique style service helps ensure that every client receives an elevated, highly tailored experience.”

According to the Financial Industry Regulatory Authority, Reza Zafari holds 40 years of securities industry experience. Based in Los Angeles, California, he has been registered as a broker and an investment advisor with Merrill Lynch since 1999. His past registrations include the passage of 11 securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor Exam – Options Module & General Module, or Series 8; the General Securities Representative Examination, or Series 7; the Interest Rate Options Examination, or Series 5; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 54 state licenses. (Information current as of June 7, 2025.)

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