Frank A. Robertazzi (CRD# 5424152) is a financial advisor and stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) working out of the firm’s Summit, New Jersey branch office. Our firm is investigating Merrill Lynch broker and investment adviser representative Frank A. Robertazzi of Summit, New Jersey for potential investment-related misconduct disclosed in a customer dispute.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Frank A. Robertazzi has been registered as a General Securities Representative with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) since November 26, 2007, and has been associated with the firm’s branch office located at 1 Deforest Avenue, Summit, New Jersey 07901. He is also registered as an Investment Adviser Representative with Merrill Lynch in New Jersey.
In addition to his brokerage and advisory roles at Merrill Lynch, Robertazzi has been employed as a financial advisor with Bank of America, N.A. in Morristown, New Jersey since approximately December 2009. Over the course of his career, he has obtained multiple state licenses and has been approved to conduct securities business in more than 30 U.S. states and territories, including New Jersey and New York.
Licensing and Examinations
FINRA records reflect that Robertazzi has passed the following industry examinations:
- Securities Industry Essentials Examination (SIE) – October 1, 2018
- General Securities Representative Examination (Series 7) – November 24, 2007
- Uniform Combined State Law Examination (Series 66) – December 7, 2007
These qualifications permit him to solicit, recommend, and sell a broad range of securities products, including listed equities and preferred stock, to retail investors.
Other Business Activities
BrokerCheck also notes that Robertazzi has reported outside business activity as a board member of SAGE Eldercare, a community organization in Summit, New Jersey that provides services to older adults and caregivers. This role is disclosed as non–investment-related.
Frank A. Robertazzi Fraud Allegations and Investor Complaints Explained
FINRA’s BrokerCheck report shows that Frank A. Robertazzi has been the subject of at least one customer dispute that resulted in a monetary settlement paid to the customer.
According to the disclosure, while employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a customer alleged that in connection with a preferred stock purchase in January 2022, Robertazzi:
- Misrepresented and omitted material facts regarding the preferred stock investment; and
- Did not act in the customer’s best interest when recommending the preferred stocks.
The product at issue was listed equity (common and preferred stock). The customer sought approximately $6,000 in damages. Merrill Lynch received the written complaint on March 19, 2022. On or about April 11, 2022, the firm reported that the dispute was settled for $4,673.46, with no contribution by Robertazzi personally.
The broker denied any wrongdoing, asserting in his statement that:
- His recommendations were consistent with the client’s stated investment objectives and risk tolerance;
- The advice aligned with the client’s overall asset allocation; and
- The firm chose to settle the matter to avoid the costs associated with arbitration, not as an admission of liability.
Summary of Reported Disclosure
- Type of Disclosure: Customer Dispute – Settled
- Reporting Source: Broker
- Firm Involved: Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Allegations:
- Misrepresentation and omission of material facts regarding a preferred stock purchase in January 2022
- Failure to act in the customer’s best interest when recommending preferred stocks
- Product Type: Listed equity (common & preferred stock)
- Alleged Damages: $6,000.00
- Complaint Received: March 19, 2022
- Resolution Status: Settled (not pending)
- Settlement Amount: $4,673.46
- Individual Contribution: $0.00 (no payment by the advisor)
- Broker’s Position: Denies wrongdoing; asserts advice was suitable and consistent with client objectives; firm settled to avoid arbitration costs.
This type of complaint typically raises concerns about whether the advisor provided full and fair disclosure of the risks, features, and costs associated with preferred stock investments, and whether the recommendation aligned with the customer’s risk profile and investment objectives. Even relatively modest dollar amounts can be important where the core allegation involves misrepresentation, omission, or breach of a “best interest” standard.
In many similar cases, customers allege that they were not fully informed about:
- Interest rate risk and call risk in preferred stocks;
- Potential volatility and liquidity constraints; and
- The suitability of concentrating too much of their portfolio in a single preferred issue or sector.
Although every case turns on its own facts, FINRA arbitrators frequently examine whether the advisor complied with firm policies, FINRA rules, and applicable “best interest” obligations when recommending such products.
To obtain a copy of Frank A. Robertazzi’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Rule 2111 – Suitability and “Best Interest” Obligations
FINRA Rule 2111, the suitability rule, requires that a broker have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer based on information obtained through reasonable diligence into the customer’s investment profile—including age, financial situation, tax status, investment objectives, risk tolerance, time horizon, and other relevant factors. In the context of the allegations against Frank A. Robertazzi, a customer’s claim that the advisor “did not have his best interest” when recommending preferred stocks raises issues under Rule 2111. When a broker recommends a preferred stock without adequately considering whether the product’s risk, volatility, and income characteristics fit the customer’s profile—or fails to explain how the investment aligns with the customer’s goals—FINRA arbitrators may find that the broker and firm violated Rule 2111’s suitability and “best interest” standards.
FINRA Rule 2020 – Use of Manipulative, Deceptive or Other Fraudulent Devices
FINRA Rule 2020 prohibits any member or associated person from using or employing any manipulative, deceptive, or other fraudulent device or contrivance in connection with the purchase or sale of any security. Allegations of misrepresentation and omission of material facts regarding a preferred stock purchase, such as those reported in the customer dispute involving Robertazzi, are often analyzed under Rule 2020. If a broker fails to disclose significant risks, costs, or conflicts of interest—or affirmatively misstates key features of the investment—FINRA may view that conduct as deceptive or fraudulent. Even where a case settles without an admission of liability, customers may still pursue arbitration claims arguing that the broker’s sales practices violated Rule 2020 by depriving them of the full and fair disclosure needed to make an informed investment decision.
FINRA Rule 2010 – Standards of Commercial Honor and Just and Equitable Principles of Trade
FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. This broad, foundational rule is frequently cited alongside more specific rules like 2111 and 2020 when customers allege misconduct. In a case where an investor claims that a broker misrepresented or omitted material information about a preferred stock and failed to act in the client’s best interest, arbitrators may determine that the conduct also violated Rule 2010, even if there is no finding of intentional fraud. The rule reflects FINRA’s expectation that brokers act with honesty, fairness, and integrity in all dealings with customers, and that they place the customer’s interests ahead of their own when recommending securities or strategies.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.