John Izzo Suspended by FINRA Following Allegations of Outside Business Activities
John Izzo (CRD #: 6339734), a broker formerly registered with Allstate Financial Services, LLC, is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on November 17, 2021. This suspension stems from allegations related to undisclosed outside business activity in violation of FINRA Rules 3270 and 2010.
Keep reading if you have concerns about John Izzo’s conduct as a broker.
FINRA Letter of Acceptance, Waiver, and Consent Agreement
According to an Acceptance, Waiver, and Consent agreement dated July 9, 2021, John Izzo consented to the findings that between February 2015 and October 2019, while associated with Allstate Financial Services, LLC, he engaged in an undisclosed outside business.
FINRA Rule 3270 requires that brokers provide written notice to their firms regarding their outside business activities. By engaging in an outside business activity without providing prior written notice to his firm, John Izzo violated FINRA Rules 3270 and 2010.
A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.
You can read a copy of the AWC here.
Outside Business Activities
John Izzo allegedly engaged in insurance-related outside business activities with Elite Agency LLC until his termination from Allstate Financial in October 2019.
FINRA states that John Izzo established Elite Agency LLC in 2013 via a filing with the New York State Division of Corporations and was a co-owner and member of that company.
According to FINRA, John Izzo allegedly received over $250,000 in compensation from Elite Agency LLC. During the relevant period, he allegedly responded “no” in five annual compliance questionnaires from 2015 to 2019 to the question of whether he had accepted compensation from any entity that had not been previously disclosed on the firm’s outside business questionnaire.
John Izzo does not have any businesses listed in the Outside Business Activity of his detailed BrokerCheck report. This is where outside businesses that a broker discloses to their firm should appear.
FINRA Suspension and Fine
As part of the terms of the AWC, John Izzo consented to a two-month suspension and a $5,000 fine.
His suspension ended on November 6, 2021.
John Izzo has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
John Izzo has worked with the following firms:
- Allstate Financial Services, LLC (CRD#:18272)
Kurta Law Can Help
If you have suffered losses after working with John Izzo, don’t hesitate to contact us today at 877-600-0098 or email@example.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Reach out today to start the process to recover your investment losses.