Michael Martino Gives Bad Advice, Clients Indicate
Four Points Broker Supposedly Gave Bad Advice
Investor lawsuits continue to pile up for Michael C. Martino (CRD#: 2579146, New York, New York). Namely, FINRA BrokerCheck shows that six or more clients contested the sales practices of the securities broker, who joined Four Points Capital Partners in April 2011. Notably, these disputes suggest that Martino gave bad advice which caused investor losses. Also, at least one state’s regulator took action to revoke Martino’s privileges as broker. Here’s more on these disclosures.
Four Points Client Indicates That Michael Martino Gave Unsuitable Recommendations
Evidently, a client of Four Points Capital brought a FINRA Arbitration Claim in June 2020 about Michael Martino. Namely, the client signaled that from 2014 to 2017, Martino was one of the securities brokers who gave the client bad advice. It seems that Martino caused the client to hold an unsuitable amount of high-risk and aggressive stock in the client’s account. Allegedly, Martino failed to take into account the client’s risk tolerance when making recommendations. Not only that, but the client suggested that Martino possibly charged an unreasonable amount in commissions. For this reason, the client demanded payment of $543,163 from either the broker or Four Points in this ongoing matter.
Martino Unreasonably Manages Investment Account, According To Client
Apparently, a Four Points client took aim at Michael Martino in a February 2020 lawsuit relating to his management of accounts. Specifically, the client suggested that Martino mismanaged a number of accounts from 2011 to 2017. It appears that Martino unreasonably invested the client in stocks that were unprofitable. Because of this, the client demanded that Martino or the securities firm compensate the client in the amount of $107,038. Evidently, this matter is awaiting a resolution.
Four Points Client Indicates Losses Due To Michael Martino’s “Poor Advice”
Notably, FINRA BrokerCheck also shows that a client of Four Points sued over Michael Martino’s seemingly poor advice. It appears that the client brought the claim in January 2020 specifically to contest Martino’s advice on aggressive equities. From 2016 to 2019, the claim indicates, the client followed Martino’s advice and submitted to trades that produced losses. For the allegedly unsuitable trades, the client demanded $200,000 in compensation. Evidently, this matter is pending a resolution.
Martino Supposedly Misrepresented Investments
Apparently, prior disputes center on Michael Martino’s misrepresentation of investments. In one case, he purportedly made false statements or had misled the client into purchasing securities that were not appropriate. In fact, one client even hinted at Martino acting deceptively. It appears that most investors took issue with Martino’s investment strategy or recommendations.
Utah Division of Securities Revokes Michael Martino’s License
Evidently, Utah Division of Securities sanctioned Michael Martino for not responding to the Division’s request for information. It seems that the Division investigated Martino’s client complaints or circumstances of a voluntary resignation from a prior employer. Either way, Martino failed to assist the Division and this seemed to stall its investigation. For this reason, the Division revoked Martino’s registration.
Did Four Points Securities Broker Michael Martino Sell You Bad Investments?
Have you experienced losses by investing with Michael Martino? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors.