The CFP Board's Disciplinary and Ethics Commission yesterday imposed an interim suspension on James Iannazzo, the 25-year Merrill Lynch financial advisor who was fired last month over a racially charged tirade at a smoothie shop in Connecticut.
The suspension came a day after a Connecticut Superior Court Judge banned Iannazzo, 48, of Southport, Conn., from Robeks, the smoothie store where the incident took place on January 22.
The board said its staff became aware of the incident in which Iannazzo “verbally and physically abused certain employees of a smoothie shop, one of whom was reportedly a minor.”
“After reviewing the matter, a hearing panel of the commission determined that CFP Board counsel demonstrated by a preponderance of the evidence that Mr. Iannazzo's conduct significantly impinges upon the reputation of the profession and the CFP certification marks,” the board said in a statement. Iannazzo lost his right to use the CFP certification marks, pending a completion of an investigation by the board possible further disciplinary proceedings.
According to published reports, the incident happened after Iannazzo bought a smoothie at Robeks on Black Rock Turnpike in Fairfield, Conn. NBC News and other news outlets reported that police said Iannazzo called 911 from his home for a child having an allergic reaction to peanuts. The child was taken to a local hospital.
Iannazzo reportedly returned to the store and confronted employees. He can be seen on a three-minute video, filmed by an employee, and posted on TikTok, demanding to know who had made the smoothie and that he wanted the number for corporate. The video, which is under the username @cjjbreezy., has been viewed by millions.
When the employees could not give him an answer as to who made the smoothie, Iannazzo became increasingly irate, shouting multiple obscenities and calling the workers “stupid ignorant high school kids” and “immigrant losers.” The workers repeatedly asked him to leave and threatened to call the police, but he became more charged. He even flung the smoothie at a worker, hitting her and soiling her clothing, and the workers said he kept banging and pushing on the door for the employee entrance. One worker could be heard in the background calling the police.
He is charged with second-degree breach of peace, first degree criminal trespass, and intimidation based on bigotry or bias, a felony.
Merrill Lynch fired Iannazzo immediately upon hearing about the incident. He had been with the firm since 1996.
Iannazzo appeared in Connecticut Superior Court on Monday and was ordered by Judge Ndidi Moses to “stay away from Robek’s and have no further contact with the victim,” the CT Post said. He did not enter pleas to the charges and is expected back in court on March 9, the paper said.
Iannazzo’s attorney Eugene Riccio, as they left court yesterday, said, “This regrettable incident will be addressed in court in due course,” the paper said. He could not be reached for further comments.