Anthony Thomas Megaro, Broker with Park Avenue Securities, Facing Customer Dispute Alleging Forgery of Client Signatures

INVESTORS: Park Avenue Securities broker Anthony Thomas Megaro is facing pending customer disputes alleging that he forged a client’s signature on a beneficiary form.

Anthony Thomas Megaro (CRD#: 1977837) is registered as a broker and investment adviser with Park Avenue Securities, where he’s been employed since 1999. Previously, Megaro was registered as a broker  with Guardian Investor Services from 1990 until 1999.

Megaro has five disclosures on his BrokerCheck report. 

December 2021 Customer Dispute

Status: Pending

Allegations: 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.

Damage Amount Requested: $375,000.00

October 2020 Regulatory Judgment

Status: Final

Initiated By: New York State Department of Financial Services

Allegations: The RR 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.

Resolution: Stipulation and Consent

Sanctions: Civil and Administrative Penalty(ies)/Fine(s)

Amount: $1,000.00

June 2019 Regulatory Judgment

Status: Final

Initiated By: Ohio Department of Insurance

Allegations: On May 21, 2019, the RR 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.

Resolution: Order

Sanctions: Civil and Administrative Penalty(ies)/Fine(s)

Amount: $500.00

November 2015 Customer Dispute

Status: Settled

Allegations: 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.

Damage Amount Requested: $215,699.68

Settlement Amount: $24,764.99

Broker Comment: Without admitting fault or Liability, PAS along with Guardian Insurance and Annuity Company, Inc (“GIAC”) agreed to extend the free look period for the annuity contract. The settlement amount is the difference between the market value at time of surrender and the initial premium.

March 2002 Regulatory Judgment

Status: Final

Initiated By: New Jersey Department of Banking and Insurance

Allegations: From August, 2001 to November, 2001, the RR 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.

Resolution: Order

Sanctions: Civil and Administrative Penalty(ies)/Fine(s)

Amount: $2,500.00

If you have any information about Anthony Thomas Megaro that you would like to share or discuss, please call our firm for a confidential consultation. We represent investors in claims against negligent brokers and brokerage firms. For a free consultation, please call us now at 866-827-3202 or complete our contact form.