Thomas Marino Sanctioned Again By FINRA

Barred Broker Thomas Marino Sanctioned Again By FINRA

Investor Alert! FINRA barred securities broker Thomas John Marino (CRD#: 4438533, Lake Worth Beach, Florida). Not only that, but the securities broker, who worked for firms JW Cole Financial and RM Stark, is involved in at least three investor disputes. These disclosures contain allegations that Marino sold unsuitable and unauthorized investments. It is possible that Marino caused clients’ losses through sales practice violations. Let’s take a closer look at the allegations against the broker.

FINRA Sanctions Thomas Marino

It appears on BrokerCheck that FINRA sanctioned Thomas Marino twice. Specifically, in October 2020, the financial industry watchdog suspended Marino for failing to pay on a FINRA Arbitration Award. More importantly, however, FINRA barred the broker in July 2019 for failing to provide documents and information that FINRA asked for in an investigation. Notably, FINRA investigated Marino for possibly stealing funds from a client. Effective July 18, 2019, Marino is no longer allowed to be a securities broker for any FINRA-member firms.

Client Indicates That Marino’s Investment Sales Were Unsuitable

Notably, a client of RM Stark took aim at Marino with a dispute about his annuity sales. In the April 12, 2019 complaint, the client indicated that the annuity was not suitable because of the client’s goals and risk aversion. Because of this, the client asked for RM Stark to pay the client $300,000 to resolve this ongoing matter. This dispute comes two months prior to RM Stark disaffiliating with the broker for a client’s suitability dispute.

Thomas Marino Involved In Dispute About Unauthorized Transactions

Also, in a past dispute on Thomas Marino’s BrokerCheck record, a client of Morgan Stanley DW Inc. claimed that Marino made unauthorized transactions in the client’s account. It seems that Marino possibly made unapproved equities trades that caused the client to incur losses. However, this complaint was denied by Morgan Stanley.

Losses From Marino?

Marino denies allegations against him. Have you experienced losses by investing through him? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with us about a potential recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and it advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and financial advisors.