Thomas Marino Customer Dispute Alleges Unsuitable Investments
On 4/12/2019, a customer filed a dispute alleging that Marino made “inappropriate and unsuitable investments for her risk tolerance.” The client requested damages of $300,000, and the claim is reported as resolved. According to filings in the case, The causes of action relate to Respondent Marino’s alleged recommendation to transfer a portion of Claimant’s retirement assets from various variable annuities and to re-direct the investment proceeds into investments with Respondent Capstone, a single-member Limited Liability Company, owned and controlled by Respondent Marino.
A financial advisor generally should not recommend an investment in a company in which he is personally invested. Mr. Marino’s interest in Capstone would need to be clearly explained to the investor and fully disclosed to his employer and the customer.
Marino’s employer, R.M. Stark, discharged him on 6/10/2019 as a result of these allegations, filing a Uniform Termination for Securities Industry Registration with FINRA as required.
FINRA then began an investigation into the allegations, made by a “senior customer.” As part of that investigation, FINRA sent a request for information to Marino on May 20, 2019, due by June 21, 2019. On that date, in a phone call with him and his legal counsel, Marino indicated to FINRA that he would not be providing the requested documents and information at any time.
As a result of Marino’s refusal to participate in the investigation, FINRA issued a Letter of Acceptance, Waiver & Consent (AWC.) By signing the AWC on 7/8/2019, Marino accepted the sanctions, which included being barred from any FINRA member firm in any capacity, indefinitely, effective 7/18/2019.
Delray Beach, Florida Securities Fraud Attorneys
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