MARIO L MARTINEZ formerly of MERRILL LYNCH, PIERCE, FENNER & SMITH INC of Ft. Lauderdale, FL was permanently barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm on 5/1/2025. Martinez was registered as a broker with MERRILL LYNCH, PIERCE, FENNER & SMITH INC of Ft. Lauderdale, FL from 10/23/2015 - 02/05/2025.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MARIO L MARTINEZ was registered in the securities industry for 10 years and had been listed with 2 firms. Martinez has 3 disclosures on his FINRA CRD report. The “Regulatory” disclosure dated 5/1/2025 permanently barred Marinez. The allegations were, “Without admitting or denying the findings, Martinez consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA in connection with its investigation into the allegations received in a tip made to FINRA concerning allegations that he took a loan from a client, among other things.”
There is an “Employment Separation after Allegations” disclosure dated 1/6/2025 listed on MARIO L MARTINEZ’ FINRA CRD report. Martinez voluntarily resigned from MERRILL LYNCH, PIERCE, FENNER & SMITH INC. The allegations were, “Conduct including misappropriation of client funds and accepting a loan from a client without the Firm's knowledge or approval.”
Also listed on MARIO L MARTINEZ’ FINRACRD report is a “Customer Dispute” dated 12/18/2024. This dispute settled for $331,242.55. The allegations were, “Customer alleges misappropriation by the Registered Representative. Customer also alleges that she made a loan to the Registered Representative.”
According to FINRA rules a broker can take a loan from a client only if the firm has written procedures allowing it and the arrangement fits one of the exceptions. However, most firms prohibit such activity, even if the rule permits it. In addition, the broker must follow strict internal controls and approvals.
To discuss this article or any other securities issues, contact the South Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-66552.
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