Marlon O. Cole of New York New York a stockbroker formerly registered with Spartan Capital Securities is the subject of a customer initiated investment related arbitration claim which was resolved for $20,000.00 in damages based upon accusations of unsuitable margin use and the breach of a fiduciary duty by Cole concerning his over-the-counter equities transactions while associated with Spartan Capital Securities. FINRA Arbitration No. 18-01498 (Apr. 20, 2020).
The claim alleges that misrepresentations and misleading statements were made to the customer. According to the claim, trades were executed in the customer’s account on an excessive basis and the customer had been defrauded.
Cole has been identified in five more customer initiated investment related disputes regarding allegations of his violative actions while employed by securities broker dealers including Spartan Capital Securities, Legend Securities and Prestige Financial Center. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Cole’s conduct was settled for $28,000.00 in damages supported by accusations of unauthorized stock trading by Cole at Prestige Financial Center.
The stockbroker is referenced in another customer initiated investment related written complaint which was resolved for $35,192.00 in damages founded on allegations that Cole engaged in unauthorized over-the-counter equities trading which caused the Legend customer to experience losses. An additional customer initiated investment related complaint involving Cole’s conduct was settled for $9,677.92 in damages based upon accusations that the stockbroker purchased three times the amount of stock for a customer’s account than the customer asked for.
Cole is also the subject of a customer initiated investment related written complaint which was resolved for $9,500.00 in damages supported by allegations of unprofitable stock and over-the-counter equities transactions being effected by the stockbroker without the customer’s permission. Cole is referenced in another customer initiated investment related arbitration claim in which the customer was awarded $80,600.00 in damages founded on Legend being liable for Cole wasting the customer’s life savings.
Cole has been fined $5,000.00 and suspended for 16 months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Cole made unsuitable and unauthorized trades in elderly customer accounts. Letter of Acceptance Waiver and Consent No. 2014043043601 (Oct. 11, 2017). The stockbroker caused customers to experience turnover rates ranging between six and 64, and cost-to-equity ratios ranging from 29 percent to 589 percent. The stockbroker recommended trades solely to generate compensation from his customers. FINRA determined that Cole violated Rules 2010 and 2111.