Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into San Francisco financial advisor Tony daRoza (CRD# 2087563) and his practices at Merrill Lynch. With over 50 years of experience and a 98% success rate, the firm is examining multiple investor complaints filed against Mr. daRoza throughout his 34-year career in the securities industry.
Understanding Tony daRoza’s Background at Merrill Lynch
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Tony daRoza serves as Managing Director of the daRoza Group, a practice within Merrill Lynch where he has been registered as both a broker and investment advisor since 2011. Based in San Francisco, California, Mr. daRoza began his financial services career in 1989 and has built a practice focused on working with entrepreneurs, executives, and other high-net-worth individuals.
According to Merrill Lynch’s profile, Mr. daRoza specializes in developing customized strategies for wealth preservation and enhancement, intergenerational wealth transfer, and charitable giving. His stated goal is “to make work optional for clients” – a promise that requires careful examination given the complaints in his regulatory history.
Professional Credentials and Experience
Mr. daRoza’s professional background includes:
- 34 years of securities industry experience
- Current registration with Merrill Lynch (since 2011)
- Previous registrations with Morgan Stanley, Citigroup Global Markets, and Lehman Brothers
- 55 state licenses
| Securities Exams Passed | Description |
|---|---|
| Series 65 | Uniform Investment Adviser Law Examination |
| Series 63 | Uniform Securities Agent State Law Examination |
| Series 3 | National Commodity Futures Examination |
| Series 7 | General Securities Representative Examination |
| SIE | Securities Industry Essentials Examination |
Red Flags: Three Investor Complaints on Record
FINRA records reveal three investor complaints against Mr. daRoza spanning over two decades, raising important questions about his advisory practices and client relationships.
Most Recent Complaint (June 2025) – Currently Pending
The latest complaint against Mr. daRoza alleges serious misconduct while representing Merrill Lynch:
- Negligent conduct
- Breach of fiduciary duty
- Failure in supervisory responsibilities
- Damages: Unspecified (pending)
This pending complaint is particularly concerning as it suggests potential ongoing issues with Mr. daRoza’s advisory practices and oversight of client accounts.
2008 Complaint – Auction Rate Securities
During his time at Citigroup Global Markets, an investor filed a complaint alleging:
- Misrepresentation of investments in auction rate securities
- Resolution: Firm repurchased securities at par value ($25,000)
Auction rate securities became a significant issue during the 2008 financial crisis when the market froze, leaving many investors unable to access their funds. The fact that Citigroup agreed to repurchase these securities suggests acknowledgment of problematic sales practices.
2000 Complaint – Multiple Allegations
The earliest complaint on record occurred while Mr. daRoza worked at Salomon Smith Barney:
- Misrepresentation of material facts
- Unsuitable investment recommendations
- Breach of contract
- Breach of fiduciary duty
- Breach of covenant of good faith and fair dealing
- Settlement: $51,000 (2001)
What These Complaints Mean for Investors
A pattern of complaints spanning different firms and time periods can indicate systemic issues with an advisor’s practices. For current and prospective clients of Mr. daRoza at Merrill Lynch, these red flags warrant careful consideration:
The allegations of breach of fiduciary duty are particularly significant. Financial advisors have a legal obligation to act in their clients’ best interests, and repeated allegations of breaching this duty suggest potential conflicts of interest or prioritization of commissions over client welfare.
The variety of allegations – from misrepresentation to unsuitable recommendations – indicates possible issues with transparency and appropriate investment selection based on client risk tolerance and financial goals.
Protecting Your Investment Portfolio
If you’re currently working with Mr. daRoza or have worked with him in the past, consider taking these protective steps:
- Review all account statements and trade confirmations carefully
- Document any investment recommendations that seemed unsuitable for your risk tolerance
- Keep records of all communications with your advisor
- Monitor your portfolio for unexplained losses or excessive trading
- Question any investment strategies you don’t fully understand
Your Rights as an Investor
Investors who have suffered losses due to advisor misconduct have legal options available. Securities laws protect investors from various forms of misconduct, including breach of fiduciary duty, unsuitable recommendations, and misrepresentation of investment risks.
The pending complaint against Mr. daRoza suggests that concerns about his practices continue. If you’ve experienced similar issues or have concerns about your investments with Mr. daRoza at Merrill Lynch, it’s important to understand that you’re not alone and that help is available.
Take Action to Protect Your Financial Future
Haselkorn & Thibaut (InvestmentFraudLawyers.com) is actively investigating Tony daRoza and Merrill Lynch on behalf of investors who may have suffered losses. With over 50 years of experience fighting for investor rights and millions recovered for clients, the firm operates on a “no recovery, no fee” basis, meaning you pay nothing unless they successfully recover your losses.
Don’t wait to seek help if you suspect investment misconduct. The securities industry has strict time limits for filing claims, and delaying action could impact your ability to recover losses.
Call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation about your investment concerns with Tony daRoza or Merrill Lynch. Their experienced attorneys can review your situation, explain your legal options, and help you understand the best path forward to protect your financial interests.
