Regulators have sanctioned securities broker Frank Levi Martin (also known as Frange Martin and Frangel Martinez) [CRD: 2859847, Brooklyn, New York], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Martin joined LPL Financial LLC on July 26, 2019. Continue reading to learn more about Martin's disclosures.
Maryland Regulator Sanctioned Martin For Supervision Failures
Specifically, on December 19, 2023, Maryland issued Case: 2023-0326 sanctioning Frank Martin because of FINRA’s regulatory action against him.
Notably, on October 11, 2023, without admitting or denying the findings, Frank Martin entered into an Acceptance, Waiver, and Consent (AWC) agreement with FINRA. Based on AWC: 2018056483904, between August 2016 and July 2019, Martin did not effectively oversee six registered representatives. These representatives apparently engaged in excessive trading across twelve client accounts.
Supposedly, Martin's supervision failures included not investigating signs of excessive or unsuitable trading, closing exception reports without any evidence of a thorough suitability review, , and not taking actions to limit trading in the affected client accounts or to escalate the issues within the firm. The actions of the supervised securities brokers reportedly resulted in clients incurring $663,463 in commissions, fees, and margin interest.
Allegedly, the brokers’ excessive trading led to cost-to-equity ratios between 30 percent to 152 percent and turnover rates ranging from 8 to 45 across the clients' accounts. Consequently, Martin received a suspension from associating with any FINRA member in all principal capacities. The suspension affected Martin's ability to function in any principal capacity for a duration of three months, starting from November 6, 2023, until February 5, 2024.
For this reason, the Maryland regulator terminated his agent registration.
Did You Sustain Losses Because Of Martin?
Did you experience losses because of Frank Martin? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Martin and the brokerage firms he worked for deny accusations of sales practice violations.
