Mark Isidore Lamendola of Cranberry Township Pennsylvania a stockbroker formerly registered with World Capital Brokerage Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Lamendola made misrepresentations to a customer and falsified documents pertaining to a customer’s annuity purchase and (2) Lamendola resolved a customer’s complaint away from World Capital Brokerage Inc. without the firm’s permission and (3) Lamendola impermissibly altered a customer’s written complaint regarding Lamendola’s activities to avoid World Capital Brokerage Inc. detecting his violations of the firm’s policies and FINRA rules. Letter of Acceptance Waiver and Consent No. 2017055262601 (Jan. 11, 2019).
According to the AWC, in April of 2014 and April of 2015, individual retirement account funds belonging to a customer of the firm, WW, had been placed into a variable annuity instead of the customer’s fixed annuity. The AWC stated that Lamendola’s activities in this respect caused the customer to complain. Lamendola then purportedly tried to direct the funds to WW’s correct account. In the process; however, Lamendola disseminated to the customer false statements from the issuer of the annuities.
Evidently, in both of the bogus letters that Lamendola provided to WW, Lamendola claimed that the transfer of WW’s funds from the wrong account into the appropriate account would not need to be made known to the IRS. Apparently, the status of the customer’s deposits in those accounts had been misrepresented by Lamendola. FINRA stated that Lamendola had not even made any corrective transactions when disseminating the letter. FINRA found that Lamendola’s misrepresentations to WW and falsification of the documents was violative of FINRA Rule 2010.
Additionally, the AWC stated that from March of 2016 to June of 2016, a total of approximately $16,000.00 had been provided by Lamendola to WW concerning the botched deposits of WW’s individual retirement account funds into the annuity. All the while, the complaint from WW had never been reported by Lamendola to World Capital Brokerage, Inc. Lamendola also reportedly failed to disclose that he settled the customer’s complaint without having apprised the firm or procured the firm’s consent beforehand. FINRA found Lamendola’s conduct in this regard to be violative of FINRA Rule 2010.
Moreover, Lamendola reportedly altered the customer’s written complaint letter. The AWC stated that a letter had been written by WW and his spouse, BW, concerning the misconduct committed by Lamendola. Apparently, the customer referenced that Lamendola attempted to settle the customer’s complaint away from the firm, but that the funds Lamendola provided were insufficient to resolve the issue. Additional funds were apparently demanded by WW in that complaint. Apparently, the letter from those customer had been altered by Lamendola on September 11, 2016, so that there would be no mention of Lamendola settling the complaint away from the firm. Lamendola reportedly furnished the altered complaint to the firm’s attention. FINRA found Lamendola’s activities led the firm to preserve records and books that were inaccurate. Lamendola’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 4511 as a result.
FINRA Public Disclosure reveals that Lamendola has been identified in six customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with MetLife, Pruco Securities, 1717 Capital Management Company, and Equity Services Inc. Particularly, on June 17, 2005, a customer filed an investment related complaint involving Lamendola’s activities where the customer requested $16,679.80 in damages founded on accusations that Lamendola failed to apprise the customer about how much the customer’s variable life insurance policy would cost.
Then, a customer initiated investment related arbitration claim concerning Lamendola’s conduct was resolved for $260,000.00 in damages based upon allegations that Lamendola made misrepresentations to the customer concerning two variable annuity contracts ultimately purchased by them. FINRA Arbitration No. 10-00177 (July 19, 2010). On May 7, 2014, another customer initiated investment related complaint concerning Lamendola’s activities was settled to resolve accusations that Lamendola made false or misleading statements to the customer concerning the terms, conditions and documentation concerning a fixed index annuity purchased by the customer.
Thereafter, on May 5, 2016, a customer filed an investment related complaint regarding Lamendola’s conduct in which the customer sought $80,609.36 in damages supported by allegations that a variable annuity had been established in the customer’s name without the customer’s knowledge or consent. Moreover, on February 23, 2017, a customer filed an investment related complaint concerning Lamendola’s activities where the customer requested $84,588.46 in damages supported by accusations that Lamendola failed to follow the customer’s instructions concerning the consolidation of fixed annuity accounts; failed to provide the customer the appropriate account documentation; failed to apprise the customer about the customer’s funds being placed into an annuity; and Lamendola established an individual retirement account without having procured the customer’s written consent.
FINRA Public Disclosure further confirms that at least two brokerage firm employers have terminated Lamendola supported by allegations of his misconduct. Specifically, on November 25, 2013, Equity Services Inc. discharged Lamendola founded on accusations that Lamendola provided the customer funds without the firm’s supervision and knowledge, and altered customer account documentation to reflect a bogus interest crediting method. Lamendola was then terminated from World Capital Brokerage, Inc. on June 21, 2018 based upon allegations of Lamendola’s altering of customer documents and failure to apprise customers about the nature of their transactions as cited by Equity Services Inc. and the FINRA action against him.
