Robert M. Marks Jr. of Coram New York a stockbroker formerly employed by Cape Securities Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that he failed to inform FINRA about his compliance (or lack thereof) with FINRA Arbitration No. 13-00215 (Feb. 6, 2017) in which he was ordered to pay a customer $440,520.00 in compensatory damages by having been liable on the customer’s claims of (1) suitability (2) negligent supervision (3) breach of fiduciary duty (4) misrepresentation and (5) fraud in regard to the customer’s investments including GigaMedia Limited stock.
According to Arbitration No. 13-00215, Marks made representations to the customer that Marks knew were untrue when communicated; engaged in fraudulent activities in the course of handling the customer’s assets; excessively traded in the customer’s investment portfolio; and committed elder abuse in violation of California Welfare Institutions Code §§ 15600, et seq.
This is not the first time that Marks has been subject of a customer complaint alleging his misconduct. Particularly, FINRA Public Disclosure reveals that another customer initiated investment related arbitration claim involving Marks’ activities was resolved for $150,000.00 in damages founded on accusations that unauthorized over-the-counter equities transactions were executed in the customer’s account while Marks was associated with Milestone Financial Services, Inc. National Association of Securities Dealers (NASD) Arbitration No. 03-02891 (Jan. 21, 2004).
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