According to reports, Merrill Lynch has fired a star broker, Sandy Galuppo, regarding the alleged improper use of his expense account.
Galuppo, who had been with the firm since 1995 and reportedly had $1.4 billion in client assets, was fired for “conduct including improper submission of personal expenses for reimbursement, resulting in management’s loss of confidence,” according to Galuppo’s BrokerCheck report.
Working out of the Boston office, Galuppo, had been ranked by industry publications as a top adviser at Merrill Lynch and was head of a corporate stock plan team managing $15 billion. He was discharged in October, according to Advisor Hub.
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