Tony daRoza: Merrill Advisor Faces Investor Complaint

San Francisco financial advisor Tony daRoza (CRD# 2087563) allegedly breached his fiduciary duty, according to an investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. daRoza’s BrokerCheck report discloses several investor complaints. The most recent, filed in in June 2025, alleges that as a representative of Merrill Lynch, he acted negligently, breached his fiduciary duty, and failed in his supervisory responsibilities. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in 2008, alleged that as a Citigroup Global Markets representative, he misrepresented investments in auction rate securities. The complaint resolved with the firm’s repurchase of the securities at par value, or $25,000.

A third investor complaint, filed in 2000, alleged that as a representative of Salomon Smith Barney, he misrepresented material facts, recommended unsuitable investments, breached contract, breached his fiduciary duty, and breached the covenant of good faith and fair dealing. In 2001 the complaint reached a settlement of $51,000.

Merrill Lynch’s website includes a profile of Mr. daRoza that describes his background and experience as the Managing Director of the daRoza Group, a practice within the firm. As it explains, he began his financial services career in 1989 and has worked with entrepreneurs, executives, and other “top employees” across the corporate world. “He is particularly adept in developing customized strategies and services that reflect client priorities, such as wealth preservation and enhancement, intergenerational wealth transfer, and charitable giving,” it adds. “Tony and his team focus on a simple goal: to make work optional for clients.”

According to the Financial Industry Regulatory Authority, Tony daRoza holds 34 years of securities industry experience. Based in San Francisco, California, he has been registered as a broker and an investment advisor with Merrill Lynch since 2011. His past registrations include Morgan Stanley, Citigroup Global Markets, and Lehman Brothers. His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the National Commodity Futures Examination, or Series 3; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination, or SIE. He holds 55 state licenses. (Information current as of August 7, 2025.)

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