Sign of the Financial Industry Regulatory Authority

Leonard Joseph Marzocco (also known as Lenny Marzocco) of Garden City New York a stockbroker formerly associated with Spartan Capital Securities has been referenced in an investigation initiated by Financial Industry Regulatory Authority (FINRA) on October 14, 2019 which has led to FINRA’s preliminary determination to recommend that Marzocco face disciplinary action for possibly making unsuitable recommendations to investors and for effecting excessive trades in customer accounts. FINRA Investigation No. 20170524663.

According to FINRA Public Disclosure, Marzocco is suspected by the regulator of making inappropriate margin recommendations to one or more of his customers. FINRA also indicated that Marzocco possibly effected trades in customer accounts on an excessive and unsuitable basis. The stockbroker is facing a potential disciplinary action by FINRA Department of Enforcement alleging violations of FINRA Rules 2010 and 2111.

Marzocco has been referenced in seven customer initiated investment related disputes concerning accusations of his improprieties when he was associated with securities broker dealers including Rockwell Global Capital, Ehrenkrantz King Nussbaum Inc., Ladenburg Capital Management Inc., Institutional Equity Corporation and Spartan Capital Securities. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim in reference to Marzocco’s conduct was resolved for $25,000.00 in damages based upon accusations that over-the-counter equities transactions had been effected on margin without the Ehrenkrantz customer’s consent. According to the claim, a fiduciary duty had been breached by the stockbroker. The claim also alleges that misrepresentations had been made to the customer and that investments were not suitable.

Marzocco is also referenced in a customer initiated investment related complaint on July 4, 2017 in which the customer requested unspecified damages based upon allegations that trades were effected in the customer’s account without the customer’s knowledge or consent when Marzocco was associated with Spartan Capital Securities. On October 1, 2018, another customer initiated investment related arbitration claim concerning Marzocco’s activities was resolved for $10,500.00 in damages founded on accusations of the customer being defrauded on over-the-counter equities transactions effected by Marzocco during the time that he was registered with Rockwell Global Capital. FINRA Arbitration No. 17-02508. According to the claim, the stockbroker’s over-the-counter equities transactions failed to be suitable. The claim also alleges that the customer’s account was churned and that there was a breach of fiduciary duty by Marzocco.

Marzocco’s registration with Spartan Capital Securities has been terminated as of July 19, 2017. He was registered with First Standard Financial Company LLC between June 20, 2017 and July 16, 2019 and had been registered with Woodstock Financial Group Inc. between June 21, 2019 and December 10, 2019. FINRA Public Disclosure reveals that Marzocco has been associated with nine different securities broker dealers seven of which have been expelled by regulators for violation of federal securities laws or are otherwise defunct.