BROKER REPORT: Former Legend Securities Financial Advisor Walter Marino

stock downThe securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Walter Marino.  Mr. Marino is currently employed and registered with Lincoln Investment, a broker-dealer, working out of the Dix Hills, New York office, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. Marino was previously employed by Legend Securities from 2002 to August 2015, when he was discharged after the “Firm discovered what [Mr. Marino] represented as a non-replacement [variable annuity] sale was in fact a replacement.”  Prior to his employment and subsequent termination from Legend Securities, Mr. Marino left Brill Securities in 2001 by “voluntary resignation” amid allegations of unauthorized trading activity and disregarding a customer’s investments, according to BrokerCheck.

Currently, according to BrokerCheck records, it appears Mr. Marino is a registered broker in Connecticut, New Jersey, New York and South Carolina.

According to his BrokerCheck report, Mr. Marino has been the subject of two customer complaints while employed by previous broker-dealers, including Stratton Oakmont, Berry-Shino Securities and Brill Securities.  None of these broker-dealers are currently registered with FINRA or a national securities exchange to perform securities business, according to BrokerCheck.   The Stratton Oakmont customer complaint resulted in a $14,250 settlement upon allegations of unauthorized trading and failure to sell a position, per BrokerCheck.  The more recent customer complaint reported by Berry-Shino Securities and Brill Securities resulted in a $50,000 settlement after the customer alleged issues of suitability, fraud, negligence, breach of fiduciary duty and securities laws and industry rules, according to BrokerCheck records.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.