A former Merrill Lynch financial advisor who was arrested for threatening employees and using racial slurs at a Connecticut smoothie shop has been suspended by the CFP Board as of Feb. 7, the Board announced today, pending an investigation.
James Iannazzo was originally arrested shortly after the incident, which took place on Jan. 22 at a Robeks smoothie shop in Fairfield, Conn. According to Fairfield police, Iannazzo returned to the store after purchasing a smoothie, began yelling at the employees and threw a drink at one.
On the video, Iannazzo can be heard cursing at the employees and calls one a “(expletive) immigrant loser.” Afterwards, he purportedly attempted to enter the back “Employees Only” section of the store where the workers were located, police said.
According to the Fairfield police, Iannazzo was angry about a smoothie he’d bought that allegedly contained peanut butter. His son is purportedly allergic to peanut butter, and Iannazzo told police he had to call 911 after his son had an allergic reaction. Iannazzo was reportedly angry that the service staff at the shop did not take his request seriously.
Iannazzo left the scene before the police arrived but later turned himself in, according to the police report; Fairfield police also said employees reported Iannazzo had requested a smoothie without peanut butter but said nothing about an allergy. After the incident and the video’s spread on social media, Merrill Lynch released a statement saying it immediately investigated and ended Iannazzo’s employment. He’d been with the company since 1996, according to his IAPD profile.
According to the CFP Board, since Iannazzo was charged with three crimes, including a felony of intimidation based on bigotry or bias in the second degree, the CFP Board Counsel moved to file a Motion for Interim Suspension against Iannazzo, which a hearing panel approved, finding that “Mr. Iannazzo’s conduct significantly impinges upon the reputation of the profession and CFP certification marks.”
Iannazzo’s ability to use the designation is suspended until the Board completes its investigation, as well as other disciplinary proceedings. The former advisor also appeared in court this week for the first time since his arrest, where he was ordered to keep his distance from the Robeks store; he did not enter a plea and will return to court in March, according to Fairfield Patch.