Florida Broker Barred from Associating with FINRA Member Firms for Refusing to Provide Requested Documents and InformationTuesday, August 6, 2019
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by former registered representative Thomas John Marino for violating FINRA Rules by failing to produce documents and information requested by FINRA staff.
Marino has been associated with seven FINRA member firms since obtaining his license in 2001. Most recently, he was associated with J.W. Cole Financial, Inc. in Sarasota, Florida from November 2009 to August 2012. He voluntarily resigned from the firm after allegedly submitting business for variable annuities as new purchases when they were exchanges. According to his FINRA BrokerCheck report, he then became associated with R.M. Stark & Co., Inc. in Delray Beach, Florida from December 2012 to June 2019. The firm discharged him after clients alleged unsuitable investments for their objectives and risk tolerance.
According to the AWC, FINRA Department of Enforcement began investigating Marino when allegations arose that he misused money from a senior customer at R.M. Stark. FINRA sent him a letter requesting documents and information pertaining to this activity that was due by June 21, 2019. Through his counsel, Marino acknowledged that he received the request and will not produce the documents and information.
Thus, by refusing to cooperate with a FINRA investigation, Marino violated FINRA Rule 8210 and 2010. By signing the AWC, Marino consent to a bar from associating with any FINRA member firm in any capacity.
Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you lost money due to your broker’s misconduct, you may be able to recover from your broker or the brokerage firm where he or she was registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.