- October 12, 2019
- R.M. Stark Financial
Thomas Marino (CRD # 4438533) was a Financial Advisor at R.M. Stark & Co. in Delray Beach, FL. Thomas Marino has been in the securities industry since 2001 and previously worked at JW Cole Financial and Newbridge Securities Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 18, 2019, Thomas Marino was sanctioned by FINRA, barring him indefinitely from associating with a brokerage firm. Thomas Marino consented to the sanction after “he refused to provide documents and information requested by FINRA in connection with its investigation into his possible misuse of funds from a senior customer.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019062412601%20Thomas%20John%20Marino%20CRD%204438533%20AWC%20jm%20%282019-1566174316129%29.pdf
Just prior to the FINRA sanction, Thomas Marino was discharged by R.M. Stark for allegedly making “unsuitable investments” for a customer. In addition to these disclosures, Thomas Marino has three customer complaints reflected on his publicly available disclosure report, including the following:
- April 2019—“Client alleges inappropriate and unsuitable investments for her risk tolerance.” Alleged damages are $300,000.
- November 2016—“Client alleges financial advisor made unauthorized transactions in his account…” The client alleged damages of $26,000.
- May 2005—“Customer alleged deferred variable annuity sold to them in a qualified plan was unsuitable. The dispute was settled for $7,676.
For a copy of Thomas Marino’s CRD, click https://brokercheck.finra.org/individual/summary/4438533#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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