Silver Law Group is investigating former Legend Equities Corp. (“Legend”) broker Walter Joseph Marino (“Marino”) for allegations of unsuitable recommendations and charging excessive commissions and fees in customer accounts. Marino was employed by Legend’s Palm Beach Gardens, Florida office prior to his termination in July 2015.
The Financial Industry Regulatory Authority (“FINRA”) suspended Marino on 10/16/2017 for a 1-year period ending 10/15/2018 after Marino, without admitting or denying the findings, consented to FINRA’s findings that he had recommended unsuitable exchanges of variable annuity products to two customers without having a reasonable basis for recommending the transactions while at Legend Equities Corp. The transactions were found to benefit Marino and caused substantial harm to the customers.
In addition, in order to evade supervision, the complaint alleged that Marino lied to Legend about the source of the money used to purchase the new annuity. Instead of stating the new annuity was replacing another annuity, Marino stated on company documents that the purchases were paid for with a check.
Marino has been the subject of 15 customer disputes of which 3 are currently still pending. Of the 15 customer disputes, 13 occurred while Marino was at Legend Equities Corp. The disputes include allegations of unsuitable investments, misrepresentation, and excessive fees.
Contact Our Firm if You’ve Invested with Walter J. Marino
If you invested with Walter J. Marino and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.
Silver Law Group is a nationally-recognized securities law firm headquartered in South Florida representing investors worldwide with their claims for losses due to securities and investment fraud. The firm has successfully recovered multi-million dollar awards for its clients through securities arbitration and the courts. To contact Scott L. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at SSilver@silverlaw.com.