WALTER JOSEPH MARINO (WALTER MARINO) CRD#: 2121623,
A former broker with Legend Equities Corporation of Palm Beach Gardens, Florida, has had a disciplinary complaint filed against him by the Financial Industry Regulatory Authority Inc. (FINRA) for allegedly recommending exchanges of non-qualified variable annuities to two clients without having a reasonable basis for recommending the transactions.
When the alleged unsuitable transactions occurred, May and June of 2014, Marino was a broker at Legend Equities Corp., a Palm Beach Gardens, Florida-based, a part of First Allied Holdings.
According to FINRA, allegedly Walter Marino received commissions of approximately $60,000 from transactions while his clients received no benefit.
FINRA stated that Marino's clients suffered financial harm due to $82,523.23 in surrender charges paid. Also FINRA claims Marino failed to use the tax-free exchange provision available under Section 1035 of the Internal Revenue Code, causing his clients significant tax liabilities.
FINRA has ordered Marino to fully disgorge all ill-gotten gains and make full restitution to his clients.
According to FINRA’s BrokerCheck, Walter Marino has 16 Disclosures on his report, 12 of which are Customer Disputes. Marino was in the securities industry for 22 years and listed with 14 firms, the most recent listed below:
11/10/2016 - 12/05/2016 BENJAMIN SECURITES, INC - HAUPPAUGE, NY
10/09/2015 - 10/27/2016 LINCOLN INVESTMENT - Dix Hills, NY
08/21/2015 - 09/11/2015 PLANMEMBER SECURITIES CORP - FARMINGVILLE, NY
07/24/2002 - 08/11/2015 LEGEND EQUITIES CORP - BOHEMIA, NY
If you were a former client of Walter Marino and experienced losses due to his actions or recommendations, call the Soreide Law Group for a no-cost consultation with an experienced securities lawyer regarding the possible recovery of your investment losses at: 888-760-6552.
Soreide Law Group operates on a contingency fee basis and represents clients nationwide.
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