Category Archives: Lincoln Investment

Lester Burroughs-Former Lincoln Investment Broker- Discloses 2 Regulatory Events, A Criminal Charge, Pending Customer Disputes, 8 Prior Customer Disputes and a Termination-Torrington, CT

January 2020-Torrington, CT

According to publicly available records.  Lester William Burroughs (CRD#1413972), a  former stockbroker who last worked for Lincoln Investment  discloses 2 regulatory events, a criminal charge,  a pending civil event,  3 pending customer disputes,  14 prior customer disputes and a termination 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.

In 1/2020 the Securities & Exchange Commission  permanently barred Burroughs from the securities industry after Burroughs pled guilty to one count of wire fraud.   The information to which Burroughs pled guilty alleged that Burroughs misappropriated about $575,000 from three investors.

The Insurance Commissioner of the State of Connecticut filed case #MC 03-06 alleging improper handling of premium payment on traditional universal life insurance payment, misrepresentation and failure to properly handle request for disability waiver.

In December 2019,  Federal court case 3:19cr292 was filed in U.S. District Court for the District of Connecticut with formal charges of wire fraud to which Burroughs entered a guilty plea.   His sentencing has not been scheduled.

From 1994 to 2009, eight customer complaints alleging among other things improper sales practices and speculative recommendations inconsistent with their objective and risk tolerance, failing to place stop loss orders and misrepresentation.  Over $134,365 was paid to settle these cases.

In12/2019, a  customer of Burroughts  filed FINRA case #19-03658 alleging elder abuse, misappropriation and unsuitable investments recommended by Burroughs.   Alleged damages are $445,000.

In December of 2019, Lincoln Investment Planning discharged Burroughs after they became aware of charges that were filed by the U.S. Securities Exchange Commission and the U.S. Attorney’s Office wherein Burroughs  pled guilty to one count of wire fraud in the sale of fictitious insurance contracts to four individuals.

Burroughs was employed by Lincoln Investment from September 2012 until December 2019.  Prior to that time he was with Crown Capital Securities, Brookstone Securities, Woodbury Financial Services and Tower Square Securities.

If you had an account with Lester William Burroughs that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Walter J. Marino-Former Legend Equities Broker-Discloses Regulatory Event and Numerous Customer Disputes

April 2017-

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Tony Morris-Former Investors Capital Corp. Broker-Discloses Customer Dispute-El Paso, Texas

March 2019- El Paso, Texas

According to publicly available records Anthony  “Tony” R. Morris , (CRD# 2849581) ,  a  stockbroker who previously worked for Investors Capital Corp and who is currently employed by Lincoln Investment  disclose 3  prior final customer disputes.

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.

In FINRA arbitration 9-5362 a customer of Investors Capital Corp. alleged damages of $641,643 for investment losses and failure to process a transfer. That matter was settled for $35,000.

Morris has been employed by Lincoln Investment since 7/2015. He was employed by Investors Capital Corp. from 2/2002-7/2015.

Investors Capital Corp., a part of the Cetera Group, wound down its operations during 2016, transferring many of its brokers and customers to Summit Brokerage Services.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Anthony “Tony” Morris , contact us to discuss your legal options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870