BOSTON, Dec 1 (Reuters) - Massachusetts' top financial regulator on Thursday charged an investment adviser and his employer, LPL Financial LLC, with having fraudulently sold annuities to retirees.
Roger Zullo defrauded his clients, lied to his supervisors and fabricated client financial suitability profiles to enrich himself and his employer by selling identical, illiquid, and high-commission variable annuities, the state said in its complaint. It charged LPL Financial LLC with having failed to properly supervise him.
. (Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)
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