According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Walter Marino was accused of recommending unsuitable replacements of non-qualified variable annuities to two customers without having a reasonable basis for recommending the transactions. He received commissions of $60,000 from the unsuitable transactions, while many of his customers suffered financial harm due to the costs incurred as a result of the annuity replacements. This is against securities rules and regulations. A broker must only recommend and sell those securities that are suitable for his clients by taking into account their age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be held liable for losses. If you suffered losses with Mr. Marino, please call our securities law firm today at 312-332-4200 to speak to an attorney about your losses. We may be able to help you bring a claim against his former firm, Legend Equities Corp on a contingency fee basis in the FINRA arbitration forum. The call to us is free with no obligation.
According to his online FINRA BrokerCheck report, Walter Marino was registered with Painewebber Inc., First Hanover Securities, Westfield Financial Corp, Stratton Oakmont, HGI, The JB Sutton Group, Berry-Shino Securities, Brill Securities, Ehrenkrantz King Nussbaum, Legend Equities Corp in Bohemia, New York from July 2002 until August 2015, Planmember Securities Corp, Lincoln Investment and Benjamin Securities. He has 12 customer disputes against him, three of which are currently pending. He is not registered within the industry.
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