According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Anthony Megaro (Megaro), currently associated with Nationwide Planning Associates INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Megaro recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 27, 2025.
The RR entered into a Stipulation with the New York State Department of Financial Services for failure to comply with Guardian Life’s policies and procedures related to document integrity and authenticity.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $375,000.00 on December 22, 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.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. The SEC has stated that Reg BI is drawn from fiduciary principles that are common to both brokers and investment advisors including an obligation to act in the investor’s best interest and prohibiting an advisor from placing their own interests ahead of the investor’s. There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which require brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations include three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions.
The care obligation also requires the broker to address the client’s specific needs through obtaining specific investment profile information on the client. The associated person typically will ask the customer for information such as the investor’s risk tolerance or ability to withstand account value declines or increases; experience with investments available; investment objectives and goals; investment time horizon; liquidity needs; assets such as investment accounts held at other financial institutions; tax information; their age and retirement plans; and other information that a customer may want to provide to the advisor to help them to properly address the services needed. The associated person must then apply both their reasonable diligence into various investment options as well as the information gathered as to the investor’s specific needs when considering the investment recommendation. The broker must explore various alternative investment options available to address these needs and determine that there is a reasonable basis to believe that the recommendation or service being recommended is in the retail investor’s best interest. In addition to specific investments being recommended, under Reg BI, a broker must also understand the type of account that their client would need in order to meet their care obligations. The SEC has stated that the type of securities account an investor has can greatly affect a customers’ costs and overall investment returns. Further, different account types can offer and support different features, products, securities, or services, and account type would not be appropriately applied in a one size fits all manner.
Megaro entered the securities industry in 1989. Megaro has been registered as a Broker with Nationwide Planning Associates INC. since 2022.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.