• August 11, 2022
• Park Avenue Securities

Anthony Megaro (CRD#: 1977837) is a dually registered Broker and Investment Advisor at Park Avenue Securities, LLC in Parsippany, NJ.

Broker’s Background

He entered the securities industry in 1989 and previously worked for Guardian Investor Services Corporation, and Chubb Securities Corporation.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2022, a customer complaint was filed against Anthony Megaro. The allegation states, “Client alleges the RR altered a distribution document without his authorization, which resulted in a distribution from his 401(k) plan being paid directly to the Client as opposed to being rolled over to a new plan.” The customer dispute is pending. Damages of $100,000 are requested.

In addition, Anthony Megaro has been the subject of two customer complaints and three regulatory disclosures, including the following:

• December 2021 — “Plaintiffs allege they were unaware that defendant, [REDACTED], was added as a beneficiary to their Mother’s IRA. Upon their mother’s passing in January 2021, they identified an IRA Beneficiary Designation Form dated and signed June 2, 2014, which listed each of the Plaintiffs and added the defendant as an equal beneficiary. Although the form is dated June 2, 2014, it was not submitted to the Firm until January 2021. Plaintiffs are questioning the authenticity of their mother’s signature on the form. In addition, Plaintiffs allege their names were forged on applications for Variable Deferred Annuities with Transamerica, and that said applications were submitted without their knowledge or consent.” The customer dispute is pending. Damages of $375,000 are requested.
• October 2020 — “The RR entered into a Stipulation with the New York Department of Financial Services for his failure to timely report the final disposition of two administrative actions against him, in violation of section 2110(i) of the Insurance Law.” The New York State Department of Financial Services sanctioned Anthony Megaro with a civil and administrative penalty/fine of $1,000.
• June 2019 — “On May 21, 2019, the RR applied for an insurance license in the State of Ohio. On his application, he failed to disclose a Consent Order he entered into with the State of NJ Department of Banking and Insurance on March 15, 2002. RR Megaro violated section 3905.114(B)(1) of the State’s Revised Code.” The Ohio Department of Insurance sanctioned Anthony Megaro with a civil and administrative penalty/fine of $500.
• November 2015 — “Client alleges the sale of a variable annuity was an unsuitable investment. Client is requesting a full refund of her total deposits, less any subsequent withdrawals and free of any surrender charges.” The customer dispute was settled for $24,764.99.
• March 2002 — “From August, 2001 to November, 2001, the RR 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, in violation of NJSA 17B:30-4, NJSA 17:22A-17a(20) and NJAC 11:2-11.2.” The New Jersey Department of Banking and Insurance sanctioned Anthony Megao with a civil and administrative penalty/fine of $2,500.

For a copy of Anthony Megaro’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the financial advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, including allegations of fraud or forgery of documents, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.