Merrill Lynch Terminates Boston Broker Over Expense Account Filing

Posted on January 11th, 2017 at 9:04 AM
Merrill Lynch Terminates Boston Broker Over Expense Account Filing

From the Desk of Jim Eccleston at Eccleston Law LLC:

Merrill Lynch has discharged a broker with $1.4 billion of client assets for improperly submitting personal expenses for reimbursement, resulting in management’s loss of confidence.

Sandy M. Galuppo was the head of a corporate stock plan team at Merrill Lynch managing $15 billion until he was terminated. Galuppo was a major player in the Boston area and was ranked by several publications as a top industry advisor during the past three years.

According to BrokerCheck, Galuppo currently is not registered as licensed securities professional. He has been at Merrill Lynch his entire brokerage career, first registering with the firm in 1995. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial advisors including Employment MattersTransition Contract ReviewState Licensing and RegistrationFINRA Defense, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.  

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, Merrill Lynch, broker, personal expenses, reimbursement, Sandy M. Galuppo, Boston, top industry advisor, BrokerCheck, licensed securities professional,

Return to Archive



If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.


October 15, 2021
FINRA Bars Former LPL Advisor Who Allegedly Misappropriated Elderly Client’s Funds

The Financial Industry Regulatory Authority (FINRA) has barred a former LPL advisor who allegedly misappropriated a senior client’s funds and subsequently failed to cooperate in FINRA’s investigation.

October 14, 2021
NASAA Targets Unpaid Arbitration Awards With Proposed New Model Rules

The North American Securities Administrators Association (NASAA) has proposed new rules in an attempt to reduce the large number of arbitration awards that go unpaid to investors who prevail as claimants in arbitration proceedings.

October 13, 2021
SEC Freezes Assets and Halts Alleged Fraudulent Scheme By Ron Harrison

The Securities and Exchange Commission (SEC) has obtained an emergency court order freezing the assets of Ron Harrison, who allegedly operated an ongoing fraudulent scheme.