Fired Billion-Dollar Merrill Broker Resurfaces at Boston Firm
Six months after being discharged from Merrill Lynch for allegedly filing false expense reports, Boston broker Sandy Galuppo has found a new home at a much smaller firm, according to his Financial Industry Regulatory Authority BrokerCheck report.
Galuppo, who had been managing $1.4 billion in assets at Merrill before his dismissal in October, registered on Wednesday with WFS LLC, a broker-dealer subsidiary of registered investment adviser Wainwright Investment Council.
Merrill fired Galuppo on October 3 for “conduct including improper submission of personal expenses for reimbursement, resulting in management’s loss of confidence,” according to BrokerCheck. He had been with the firm since the start of his brokerage career in 1995.
The event was noted in the tight-knit Boston brokerage community as evidence of how large brokerage firms owned by litigation-sensitive banks will no longer tolerate any sort of improprieties from even their larger producers.
Galuppo, who played in 1994 with the Florida Panthers, did not respond to a call for comment about his new post. Wainwright had $3.1 billion in assets (and $65 million in discretionary assets) as of December 31, according to its ADV regulatory filing.
Galuppo ranked as a in 2013, and trade magazine “Wealth Management” last year put him on its list to “top 100 wirehouse advisors.” ranked him in its roster of in 2016.