Thomas John Marino of Delray Beach Florida a stockbroker formerly registered with R.M. Stark Co. Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Marino neglected to cooperate with a FINRA investigation into allegations of his misappropriation of funds belonging to a customer of R.M. Stark Co. Inc. Letter of Acceptance Waiver and Consent No. 2019062412601 (July 18, 2019).
According to the AWC, an investigation had been commenced by FINRA in May 2019, shortly before Marino’s termination from R.M. Stark Co. Inc. Apparently, on May 20, 2019, Marino was contacted by FINRA where he was asked to provide information and documentation to the regulator concerning his use of funds belonging to a senior investor, RO. FINRA stated that Marino was expected to hand over the information and documentation no later than June 21, 2019, according to Rule 8210.
The AWC stated that legal counsel for Marino contacted FINRA on June 21, 2019 in regard to FINRA’s request. Apparently, Marino’s legal counsel relayed that Marino received FINRA’s request but would at no point cooperate in FINRA’s investigation. FINRA found that Marino’s refusal to provide information and documents constituted the violation of FINRA Rules 2010 and 8210. This resulted in Marino being barred by FINRA in all capacities.
FINRA Public Disclosure confirms that Marino is referenced in two customer initiated investment related disputes containing accusations of his misconduct during the time that he was associated with A.G. Edwards Sons Inc., Morgan Stanley and R.M. Stark Co. Inc. Particularly, a customer initiated investment related complaint concerning Marino’s conduct settled for $7,676.26 in damages supported by allegations that the customer was placed into a variable annuity that failed to be suitable for the customer.
Then, a customer filed an investment related complaint regarding Marino’s conduct where the customer sought $26,000.00 in damages founded on accusations that unauthorized transactions were effected in the customer’s account by Marino when he was associated with Morgan Stanley DW Inc.
Marino has also been terminated from at least one prior securities broker dealer for misconduct. Particularly, Marino was employed by J.W. Cole Financial Inc., who terminated Marino based upon allegations of Marino misidentifying the nature of variable annuity business that he executed through the firm. J.W. Cole Financial Inc. indicated that Marino made it appear as though one or more customer’s variable annuity exchanges were new purchases to avoid the firm’s scrutiny of the transaction.
