The FINRA records of Walter J. Marino , a former Legend Equities stockbroker who is currently not registered disclose a pending regulatory matter, 3 pending customer disputes, 9 prior final customer disputes, and 3 terminations from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
FINRA has filed a complaint against Marino alleging that he recommended unsuitable exchanges of variable annuities to two customers without having reasonable basis for recommending the transactions. Marino earned commissions of about $60,000 on the transactions. One of the customers suffered a surrender charge of over $82,000 by following the recommendation to exchange the annuity.
To evade supervisory scrutiny, Marino lied to his member firm about the source of the funds for the annuity, indicating the source to be a check rather than an exchange, according to FINRA. FINRA case 2015046537501
Marino discloses cash settlements in nine prior customer disputes, with settlement payments ranging as high as $225,000.
In one of the currently pending matters, a customer of Legend Equities Corp alleges damages of $264,101 for misrepresentation and for charging excessive fees in the customer’s 403B account.
In October 2016 Marino was discharged from Lincoln Investment who alleged that Marino made an unsuitable recommendation to surrender an annuity without knowing the surrender fees that would be incurred.
In July 2015 Marino was discharged from Legend Equities who made the following allegation on his FINRA record: “firm discovered what rep. presented as a non-replacement VA sale was in fact a replacement”.
In August 2001 Marino voluntarily resigned from Brill Securities after a customer complained that he engaged in unauthorized trading and disregarded the customer’s investment objectives.
Walter J. Marino was employed by Legend Equities from 7/2002-7/2015. He was with Lincoln Investment 10/2015-10/2016 and then with Benjamin Securities 11//2016-12/2016.
If you have losses in an account in an account handled by Walter J. Marino , contact us to discuss how you may be able to recover damages for those losses.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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