Stoltmann Law Offices continues to investigate Sandy Galuppo, the former Merrill Lynch managing director who was suspended from the industry for one year and fined $10,000 for violating high standards of commercial honor by improperly using firm funds in connection with expense reports. This was according to a consent order posted on the Financial Industry Regulatory Authority (FINRA) website on Wednesday. Last year, Galuppo was fired from Merrill for “conduct involving improper submission of personal expenses for reimbursement, resulting in management’s loss of confidence.” Allegedly, Galuppo traveled extensively between 2012 and 2015 on business, and submitted more than 600 reimbursement requests in order to cover his expenses. According to the consent order, “about 82” of his filings were inaccurate, most of those being for meals. “Galuppo submitted an April 18, 2015 expense for $430 that was identified as a client meal with a client representative in attendance, when in fact only Galuppo and another Merrill Lynch employee were present.”
Sandy Michael Galuppo, according to his FINRA BrokerCheck report, was previously registered with Merrill Lynch in New York, New York from September 1995 until October 2016 and WFS in Boston, Massachusetts from April 2017 until April 2017. He is not currently registered as a broker.
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