Thomas John Marino of Lake Worth Beach Florida a stockbroker formerly registered with RM Stark Co. Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Marino did not comply with a FINRA Arbitration Award. Case No. 19-00968 (Oct. 27, 2020).
This is not the first time that Marino has been sanctioned by the regulator. Marino has been barred from associating with any FINRA member in any capacity based upon findings that he failed to provide information and documents to FINRA when he was under investigation for the potential misappropriation of an elderly investor’s funds. Letter of Acceptance Waiver and Consent No. 2019062412601 (July 18, 2019). According to the AWC, Marino was investigated for potentially misusing an RM Stark customer’s funds. Marino refused to cooperate with FINRA’s requests. He violated FINRA Rules 2010 and 8210 for this reason.
FINRA Public Disclosure confirms that Marino has been referenced in three customer initiated investment related disputes regarding accusations of his misconduct when he was employed by securities broker dealers including RM Stark, Morgan Stanley DW Inc. and AG Edwards Sons Inc. Marino is referenced in a customer initiated investment related written complaint which was resolved for $7,676.26 in damages founded on allegations of an unsuitable variable annuity being sold to the customer by Marino while he was associated with AG Edwards Sons.
Another customer filed an investment related complaint concerning Marino’s conduct in which the customer sought $26,000.00 in damages supported by accusations that Marino effected unauthorized equities transactions in the customer’s account while registered with Morgan Stanley DW Inc.
On April 3, 2020, a different customer initiated investment related FINRA securities arbitration claim concerning Marino’s conduct was settled for $245,000.00 in damages based upon allegations that Marino breached a fiduciary duty and breached a contract in reference to the customer’s investments in Capstone which was an LLC that Marino owned and operated. FINRA Arbitration No. 19-00968. The claim alleges negligence and unsuitable recommendations by the stockbroker. According to the claim, federal and state securities laws had been violated.
Marino was discharged by RM Stark on June 10, 2019 founded on accusations of him providing a customer with dfective investment advice.