FINRA fined and suspended former Ameritas Investment Corp. (Los Angeles) broker Andrew John "AJ" Logullo for failing to disclose outside brokerage accounts to Ameritas and for engaging in an unauthorized outside business activity. Prior to Ameritas, Logullo was associated with Integrated Trading and Investments, Inc. in Huntington Beach, CA.
According to the findings, Logullo requested that a registered representative employed at a FINRA firm other than Ameritas open brokerage accounts at Ameritas for multiple investors. The report states that in making his request, Logullo falsely stated that he was an "independent non-registered person," even though he was registered at Ameritas.
Investigators found that Logullo enjoyed discretionary trading authority over each of the new accounts, which he failed to disclose to Ameritas and did not seek or receive the firm's approval to exercise discretion in these accounts.
Soon thereafter, the report found, investors attempted to deposit shares of penny stocks. In turn, Ameritas closed the investors' accounts after becoming concerned that the investors may have been acting at the direction of a penny stock issuer.
According to Bloomberg, Logullo served as Vice President of Basta Holdings, Corp.—later rebranded as BlackPoll Fleet International, Inc.—an aviation services firm that traded over-the-counter as the microcap stock BSTA.
FINRA also found that Logullo served as President and a registered agent of a securities-related consulting company without disclosing this employment to Ameritas.
Ameritas permitted Lugollo to resign in June 2015 based on allegations of selling away and failing to report outside business activities.
If you have invested with former Ameritas Investment Corp representative Andrew John "AJ" Logullo or with any broker or investment adviser who has sold securities away from a FINRA-registered firm—including troublesome OTC penny stocks—and this undisclosed outside business activity has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.