Michael Martino is the subject of eight disclosures, three of which are current customer disputes.
The most recent dispute was filed on 6/26/2020, with allegations that indicate “between 2014-2017, reps provided unsuitable recommendations with unsuitable concentrations, with unreasonable commissions and failure to know their customer.” The client requests damages of $543,163.00. Martino denies the allegations, calling them “baseless.”
The next dispute was filed on 2/13/2020, alleging “mismanagement of accounts,” and requested damages of $107,038.00. Martino responds that this account is not his.
The third customer dispute was filed on 1/17/2020, alleging “between 2016 and 2019 rep provided poor advice on prospective trades in which customer lost funds,” and requesting $200,000 in damages. Martino denies the allegations, and claims that this is “a legacy account” from a previous representative.
Another customer dispute filed on 1/22/2014 alleged that Michael Martino provided unsuitable investments and investment strategy. The clients requested damages of $100,000, and the claim was settled for $14,500 to avoid the expenses that accompany a lawsuit and court proceeding.
Our lawyers have seen a rise in cases involving overconcentration which involves investing to much money in a single investment, asset class or stock. Frequently, financial advisors recommend an investment for a client implying that it will outperform other investments and recommends that a client concentrate their portfolio in the investment. However, if that investment fails to perform as promised and declines in value, the damage to the total portfolio can be devastating. This is why the SEC and FINRA frequently promote diversification and asset allocation to protect against overconcentration in an investors account.
Did You Invest With Michael Martino?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.