Philip Leo Gazzo (CRD #1237203) Has Regulatory and Financial Disclosures
Philip Leo Gazzo (CRD #1237203) was previously registered as a broker. His FINRA BrokerCheck report was accessed on February 2, 2026. The report lists regulatory, employment separation, financial, and judgment/lien disclosures.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Regulatory Actions
Philip Gazzo’s FINRA BrokerCheck report reflects two regulatory disclosures. Summaries are below.
On January 6, 2026, Philip Gazzo’s FINRA BrokerCheck report states FINRA initiated a regulatory action (Docket/Case No. 24-00329). Philip Gazzo’s FINRA BrokerCheck report states FINRA suspended him in all capacities under FINRA Rule 9554. The report states the basis was a failure to comply with an arbitration award or settlement agreement. It also states he did not satisfactorily respond to a FINRA request about compliance. The suspension is indefinite. It continues until the required payment is made or the debt is discharged. Supporting document: Arbitration Award.
On August 25, 2025, Philip Gazzo’s FINRA BrokerCheck report states FINRA issued a final regulatory action resolved by an Acceptance, Waiver & Consent (AWC) (Docket/Case No. 2024082052701). Philip Gazzo’s FINRA BrokerCheck report states he shared approximately $14,000 in commissions with an unregistered entity. The report states he knew the entity and its owner were not registered with FINRA. Philip Gazzo’s FINRA BrokerCheck report lists a $5,000 fine. It also lists a suspension from September 2, 2025 through November 1, 2025. Supporting document: AWC.
Employment Separation After Allegations
Philip Gazzo’s FINRA BrokerCheck report reflects one employment separation after allegations disclosure.
Philip Gazzo’s FINRA BrokerCheck report states Mutual Trust Company of America Securities discharged Philip Gazzo on April 30, 2024. The report lists the allegation as a violation of FINRA Rule 2040.
Financial Disclosures
Philip Gazzo’s FINRA BrokerCheck report reflects one financial disclosure.
Philip Gazzo’s FINRA BrokerCheck report states he filed for Chapter 7 bankruptcy on November 24, 2020. The matter was discharged on March 1, 2021. It was filed in the United States Bankruptcy Court Southern District of Florida (Docket/Case No. 20-22851-MAM).
Judgment / Lien
Philip Gazzo’s FINRA BrokerCheck report reflects one judgment/lien disclosure.
Philip Gazzo’s FINRA BrokerCheck report states a tax lien for $160,918.74 was filed on January 14, 2020. The lien holder is the Department of Treasury – Internal Revenue Service. Philip Gazzo’s FINRA BrokerCheck report lists the lien as outstanding in Palm Beach County (Docket/Case No. 20200016616).
Rule Summary #1: FINRA Rule 2040 (Payments to Unregistered Persons)
FINRA Rule 2040 limits when a member or associated person can pay commissions or other transaction-based compensation to unregistered persons. It is intended to reduce incentives for unregistered individuals or entities to participate in securities transactions.
Rule Summary #2: FINRA Rule 9554 (Failure to Comply with an Arbitration Award or Related Settlement)
FINRA Rule 9554 allows FINRA to suspend a broker who fails to comply with certain arbitration awards or settlement agreements. A suspension can continue until the person shows compliance with the notice or decision.
Why This Matters to Investors (Regulation Best Interest)
Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.
Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.
Reg BI has four key obligations:
- Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.
- Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.
- Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.
- Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.
Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.
Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.
Background Information (from BrokerCheck)
Based on his FINRA BrokerCheck report, Philip Gazzo:
Is not currently registered.
Has passed the Series 24 exam, the Securities Industry Essentials (SIE) exam, Series 7, Series 6, and Series 66.
Was previously registered with firms that include Mutual Trust Company of America Securities, MCG Securities LLC, and Innovation Partners LLC.
Kurta Law Can Help
If you have concerns about Philip Gazzo and you have suffered losses in your investment accounts, Kurta Law may be able to help you explore possible recovery options.
Call Kurta Law at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.
Helpful resources: Securities Attorney | What is Securities Fraud?