Delray Beach, FL Broker Barred for Failure to Cooperate With Investigation Into Allegations of Unsuitable Investment Recommendations
Thomas John Marino (CRD#: 4438533) is a previously licensed securities broker and registered investment advisor (RIA). Most recently, Mr. Marino was an associate of R.M. Stark & CO in Delray Beach, Florida. Prior to that, he worked as a representative for J.W. Cole Financial (2009 to 2012) and Newbridge Securities (2009).
On July 18th, 2019, Thomas Marino was barred from the industry by the Financial Industry Regulatory Authority (FINRA) for refusing to provide documents, testimony, and information requested as part of an official investigation. Notably, one month earlier, Mr. Marino had been discharged by his member firm, R.M. Stark & CO, for allegedly making unsuitable investment recommendations.
Broker Misconduct Allegations: Former R.M. Stark & CO Financial Advisor Thomas Marino
Customer Complaint: Unsuitable Investment Advice
In April of 2019, a customer of R.M. Stark & CO filed a FINRA complaint against financial advisor Thomas J. Marino. Within this claim, the customer alleged that Mr. Marino provided investment guidance that was inappropriate and unsuitable in consideration of her level of risk tolerance. The alleged misconduct, if true, is a violation of FINRA Rule 2111 — the securities industry’s suitability requirement. In relation to this claim, the investor is seeking $300,000 in financial damages. As of August of 2019, the dispute is still listed by FINRA as ‘pending’.
Employment Separation After Allegations of Misconduct
Following the complaint filed by the customer, R.M. Stark & CO conducted its own internal review of the conduct of representative Thomas Marino. Among other things, allegations were raised that this financial advisor misused the funds of a senior citizen investor. Without making any specific determination in regards to the validity of the claim raised against Mr. Marino, R.M. Stark & CO discharged him from his position at the firm. On June 10th, 2019, Mr. Marino was officially terminated.
FINRA Sanctions: Violation of FINRA Rule 8210
In accordance with securities industry regulations, FINRA launched its own investigation into allegations of misconduct that were raised against former R.M. Stark & CO broker Thomas Marino. As explained in the Letters of Acceptance, Waiver and Consent (NO. 2019062412601) agreed to by the broker, Mr. Marino declined to provide documents, records, and testimony requested by investigators. Without admitting to or denying wrongdoing, Thomas Marino consented to the proposed sanctions of a permanent bar from the industry. To be clear, investor claims against this broker can still move forward. Investors have a right to pursue action against brokers than have already been sanctioned or barred.
Discuss Your Case With a Miami, FL Unsuitable Investments Lawyer Today
At Carlson & Associates, P.A., our Miami unsuitable investment attorneys represent investors in the full range of unsuitable investment claims. If you suffered losses as a result of unsuitable investment recommendations, our law firm will fight to get you justice and the full and fair financial compensation that you deserve. For a confidential review of your unsuitable investments claim, please call our Miami law office right away.
Resources:
finra.org/sites/default/files/fda_documents/2019062412601%20Thomas%20John%20Marino%20CRD%204438533%20AWC%20jm.pdf
brokercheck.finra.org/individual/summary/4438533