Walter Marino from Bohemia, New York Subject of FINRA Complaint For Variable Annuity Recommendations
Have you lost money with financial advisor Walter Marino from Bohemia, New York? We are currently investigating allegations made by FINRA (the Financial Industry Regulatory Authority) made against Walter J. Marino. FINRA alleged that Walter Marino made unsuitable recommendations to his customers to sell variable annuities in order to switch to another.
Variable annuities often have surrender charges if they have been sold within a few years of being purchased. FINRA alleges that Walter Marino recommended that his customers sell their existing annuities in order to purchase other annuities. In one instance, FINRA alleged that one customer incurred an $82,000 surrender charge to switch annuities, while Marino earned a $50,000 commission for the purchase of the second annuity.
Walter Marino was a registered representative and financial advisor with Legend Equities from 2002 to August 2015. He worked out of branch offices in Bohemia, Dix Hills, and Hauppage, New York. He has been the subject of at least twelve customer disputes, and he has been terminated by three brokerage firms, including by Legend Equities.
Broker-dealers like Legend Equities have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from switching variable annuities. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman, PLC represents investors throughout the country who are victims of financial advisors’ negligence and fraud. Our firm has offices in Denver and the Seattle-area, but we continue to represent investors throughout the U.S., including New York, and we previously have represented numerous investors against Legend Equities.
Click to view: Marino, Walter BrokerCheck 4.25.17
Click to view: Marino, Walter FINRA Complaint
If you have lost money with Walter Marino and Legend Equities, and want to hear about ALL legal options, please visit https://www.israelsneuman.com or call us at 720-599-3505.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.