Miami Broker Barred After Failing to Cooperate Into Investigation into Alleged Misappropriation of Funds
Mario L. Martinez (CRD#: 6144561) is a previously registered securities broker. From October of 2015 to February of 2025, Mr. Martinez was associated with Merrill Lynch in Fort Lauderdale. Earlier this year, he was terminated by the brokerage firm after allegations of misappropriation of funds and other misconduct. The Financial Industry Regulatory Authority (FINRA) has now barred Mr. Martinez from the securities industry after his failure to cooperate with an investigation. Here, our Miami investment fraud attorney provides a more comprehensive overview of the allegations and the enforcement action by FINRA.
Barred Broker: Mario L. Martinez
Mario L. Martinez is a former securities broker and registered investment advisor (RIA). Mr. Martinez was based in South Florida. He began his career in the industry in 2012 with AXA Advisors. Mr. Martinez later joined Merrill Lynch in a leadership position at a branch office in Fort Lauderdale. In December of 2024, a client filed a complaint that alleged that Mr. Martinez misappropriated funds and accepted a personal loan from the client. Notably, this was allegedly done without disclosure or approval from his firm, a violation of securities industry regulation. That investor complaint was eventually settled for $331,242.55.
Mr. Martinez was then the subject of a professional review by his member firm. In January of 2025, he resigned from Merrill Lynch while under internal investigation. A Uniform Termination Notice (Form U5) was filed disclosing these matters to FINRA. FINRA began its investigation based on a tip, requesting Martinez to provide documents and information under Rule 8210 in February of 2025. He refused to comply. Through his legal counsel, Mr. Martinez informed FINRA that Martinez would not produce the requested information or documents. Without admitting or denying the allegations raised, Mario L. Martinez agreed to FINRA’s proposed penalties. A permanent bar from associating with any FINRA member in any capacity.
What to Know About FINRA’s Power to Compel Cooperation With an Investigation
FINRA exists, in large part, to help protect investors from misconduct by brokers and brokerage firms. FINRA has broad authority under Rule 8210 to compel brokers, registered representatives, and associated persons to provide documents, information, and on-the-record testimony during an investigation. To be clear, the power extends even after a person leaves a firm. The failure to cooperate (such as refusing to respond) can result in severe sanctions, including a permanent industry bar. A key point for investors to know is that FINRA does not need to prove underlying misconduct to impose these penalties. Further, that a broker or brokerage firm did not cooperate does not prevent an investor from taking legal action against them to seek compensation.
Contact Our Miami Broker Negligence Attorney for a Confidential Consultation
At Carlson & Associates, P.A., our Miami securities fraud attorney put investors first. If you have any questions or concerns about a claim, we are here to help. Call us now or contact us online for a fully confidential, no obligation initial consultation. Our firm works tirelessly to advocate for the rights and interests of investors in South Florida and beyond.
Source:
brokercheck.finra.org/individual/summary/6144561
