Merrill Lynch executive throws smoothie at worker

2 years ago
22

Merrill Lynch executive/advisor James Iannazzo fired after tirade against smoothie shop workers.

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A now-former Merrill Lynch broker in Stamford, Connecticut was arrested on Saturday after he went on a threatening and biased rant against a group of young employees at a local smoothie shop, according to police reports and a video of the incident uploaded to social media.

James A. Iannazzo, 48, was charged with intimidation based on bigotry or bias, breach of peace and criminal trespass, according to a police report. He had confronted store employees using a number of expletives, threw a drink at one and made comments towards another referencing her immigration status, according to an arrest report from the Fairfield Police Department.

Iannazzo, who started his career at Merrill as a client associate in 1995, according to his former company webpage, has been fired over the incident, a spokesperson for the Bank of America subsidiary confirmed.

“Our company does not tolerate behavior of this kind,” the spokesman said in a statement. “We immediately investigated and have taken action. This individual is no longer employed at our firm.”

His lawyer, Frank J. Riccio II in Connecticut, said in a statement that Iannazzo “wholeheartedly regrets” the incident. The broker had returned to the shop after he was upset that his son had a severe allergic reaction to a smoothie that contained peanuts and had to be taken to the hospital.

“When faced with a dire situation for his son, Mr. Iannazzo’s parental instinct kicked in and he acted out of anger and fear,” Riccio wrote. “He is not a racist individual and deeply regrets his statements and actions during a moment of extreme emotional stress.”

The interaction was captured in a since-deleted video that was uploaded to Tiktok and received millions of views and responses noting his status as a managing director at Merrill. (A copy of the minute-long video, in which he appears to call an employee an “immigrant loser” is available on Twitter.

Iannazzo was a perennial figure on industry top broker rankings, including five years in a row as one of Barron’s Top 1,200 advisors by state. He managed $469 million in assets, according to Forbes, which ranked him #24 in Connecticut in 2021.

He is scheduled to appear in court on February 7, according to the police department’s release.

Iannazzo’s BrokerCheck report shows one disclosure event, a customer complaint from 2015 over unauthorized trading that was denied by the firm.

The incident is another blemish on an industry that has struggled for years with its inability to grow its ranks of women and minority advisors. Merrill itself has been on a push to train and promote more diverse candidates as a “commercial imperative,” executives have said.
LPL Financial in August cut ties with a former broker in Texas after a video purporting to show her telling employees she would not interview Black job candidates went viral on Tiktok, according to media reports.

The broker said in a statement that the video was “false and defamatory” and that she and her staff had been subjected to threats after its circulation.

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