Variable Annuity Losses with Park Avenue Securities LLC Broker Anthony Megaro

Park Avenue Securities LLC

Park Avenue Securities LLC

Erez Law is currently investigating Park Avenue Securities LLC broker Anthony Megaro (CRD# 1977837) regarding variable annuity losses. He has been registered with Park Avenue Securities LLC in Parsippany, New Jersey since 1999. 

In June 2019, the Ohio Department of Insurance sanctioned him to pay a $500 civil and administrative penalty and fine after it was found that he “applied for an insurance license in the State of Ohio. On his application, he failed to disclose a Consent Order he entered into with the State of NJ Department of Banking and Insurance on March 15, 2002. RR Megaro violated section 3905.114(B)(1) of the State’s Revised Code.”

In October 2020, the New York State Department of Financial Services sanctioned him to pay a $1,000 civil and administrative penalty and fine after it was found that he, “entered into a Stipulation with the New York Department of Financial Services for his failure to timely report the final disposition of two administrative actions against him, in violation of section 2110(i) of the Insurance Law.”

He faced one additional regulatory sanction in 2002 by the New Jersey Department of Banking and Insurance and was sanctioned to pay a $2,500 civil and administrative penalty and fine after it was found that he, “distributed a solicitation for health insurance to New Jersey residents that was misleading and deceptive, in that it lead prospective purchasers to believe that they were guaranteed premium savings with the same or better coverage, in violation of NJSA 17B:30-4, NJSA 17:22A-17a(20) and NJAC 11:2-11.2.”

Anthony Megaro Customer Complaints

He has been the subject of two customer complaints between 2015 and 2021, according to his CRD report:

December 2021. “Plaintiffs allege they were unaware that defendant, [REDACTED], was added as a beneficiary to their Mother’s IRA. Upon their mother’s passing in January 2021, they identified an IRA Beneficiary Designation Form dated and signed June 2, 2014, which listed each of the Plaintiffs and added the defendant as an equal beneficiary. Although the form is dated June 2, 2014, it was not submitted to the Firm until January 2021. Plaintiffs are questioning the authenticity of their mother’s signature on the form. In addition, Plaintiffs allege their names were forged on applications for Variable Deferred Annuities with Transamerica, and that said applications were submitted without their knowledge or consent.” The customer is seeking $375,000 in damages and the case is currently pending. The complaint was regarding variable annuities and money market funds and took place while he was registered with Park Avenue Securities, LLC. 

November 2015. “Client alleges the sale of a variable annuity was an unsuitable investment. Client is requesting a full refund of her total deposits, less any subsequent withdrawals and free of any surrender charges.” The customer sought $215,699.68 in damages and the case was settled for $24,764.99. The complaint was regarding variable annuities and took place while he was registered with Park Avenue Securities, LLC. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Park Avenue Securities LLC may be liable for investment or other losses suffered by Anthony Megaro’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.