Marlon O. Cole, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim, in which a customer was awarded $80,600.00 on June 16, 2016, based upon allegations that Cole failed to execute the customer’s instructions to sell equity positions after ten percent losses were incurred, and effected unauthorized transactions in the customer’s account that caused the customer’s savings account to be depleted.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Cole has been identified in four additional customer initiated investment related disputes containing allegations of his misconduct while employed with Prestige Financial Center and Legend Securities, Inc. Specifically, on June 4, 2009, a customer initiated investment related written complaint involving Cole’s conduct was settled for $28,000.00 in damages based upon allegations that he placed stock trades in the customer’s account without the customer’s authorization.
Subsequently, October 27, 2014, a customer initiated investment related written complaint involving Cole’s conduct was settled to resolve allegations that Cole bought eight thousand over-the-counter equity shares in the customer’s account without gaining the customer’s consent beforehand. Further, on December 23, 2014, a customer initiated investment related written complaint regarding Cole’s activities was settled for $9,677.92 in damages founded upon allegations that he effected unauthorized TXMD and Yahoo share purchases in the customer’s investment account.
Moreover, on September 29, 2015, a customer initiated investment related written complaint involving Cole’s conduct was resolved for $9,500.00 in damages based upon allegations that Cole placed stock trades in the customer’s account despite failing to obtain the customer’s authorization.
FINRA Public Disclosure also reveals that Cole has been fined $10,000.00 by The State of Alabama Securities Commission based upon consenting to findings that while associated with Prestige Financial Center Inc., he engaged in sales practice violations by effecting unauthorized securities transactions; conduct violative of Code of Alabama Section 8-6-3 (J)(7). Case No. SC-2009-0029 (Oct. 16, 2009).
Since April 5, 2006, Cole has been associated with eleven different broker dealers, eight 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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