Walter Joseph Marino, of Hauppauge, New York, a stockbroker formerly registered with Legend Equities Corporation, has been named in four customer initiated investment related arbitration actions between March 14, 2016, and July 18, 2016, in which the customers have collectively requested $433,101.00 in damages based upon allegations that Marino excessively charged the customers with commissions in their investment accounts, and made misrepresentations to the customers concerning investment based material.
FINRA Public Disclsoure reveals that Marino has been named in six additional customer arbitrations. Particularly, on February 23, 1996, a customer initiated investment related arbitration claim involving Marino’s conduct was settled for $14,250.00 in damages based upon allegations that Marino effected trades in the customer’s account without authorization, and failed to abide by the customer’s instructions to sell an investment.
On July 8, 2003, a customer brought an investment related arbitration action pertaining to Marino’s activities, in which the customer requested $50,000.00 in damages based upon allegations that Marino breached his fiduciary duty to the customer, negligently handled the customer’s account, effected unsuitable transactions, and made fraudulent omissions and misrepresentations to the customer. Subsequently, on June 8, 2015, a customer arbitration claim concerning Marino’s conduct was resolved for $225,000.00 in damages based upon allegations that Marino misrepresented the customer’s purchase of a variable annuity.
FINRA Public Disclsoure reveals that Marino’s registration has been terminated with three different FINRA member broker-dealers based upon allegations of misconduct. Particularly, on August 21, 2001, Marino’s registration with Brill Securities Inc. was terminated based upon a Brill Securities customer’s allegations that Marino effected unauthorized trades and did not follow the customer’s instructions.
Marino was terminated from Legend Equities Corporation on July 30, 2015, based upon allegations that Marino misrepresented facts to his firm concerning a customer’s annuity product. On October 20, 2016, Marino was terminated from Lincoln Investment based upon allegations that Marino, after already having been placed on heightened supervision due to his prior misconduct, made unsuitable recommendations to a customer concerning the surrender of an annuity investment.
Marino’s securities registration with Legend Equities Corporation ended on August 11, 2015. Marino has most recently been registered with Benjamin Securities, Inc. from November 10, 2016 to December 5, 2016. Since 1993, Marino has been associated with fourteen different broker dealers, seven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
Guiliano Law Group
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