- January 13, 2019
- World Capital Brokerage
The Wolper Law Firm is currently investigating claims against Mark Lamendola, a former Financial Adviser at World Capital Brokerage in Cranberry Township, Pennsylvania. Mark Lamendola has been in the securities industry since the 1980s and previously worked at Equity Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 10, 2019, FINRA sanctioned Mark Lamendola, barring him from associating with any member brokerage firm. The basis for the sanction was that Mark Lamendola allegedly falsified client documents, engaged in selling away, and altered a customer complaint. To review a copy of the sanction, click http://www.finra.org/sites/default/files/fda_documents/2017055262601%20Mark%20Isidore%20Lamendola%20CRD%201133485%20AWC%20va.pdf
Notably, FINRA previously sanctioned Mark Lamendola in 2015 for settling a customer complaint with a customer without notifying his firm. He was suspended 45 days and fined.
In addition, Mark Lamendola has been the subject of numerous customer complaints during his career, including the following:
- February 2017—”Customers allege that a SEP IRA funded with a fixed annuity was opened without authorization, checks from 2013 & 2014 were modified to deposit them into the wrong account (Roth IRA instead of SEP IRA) and did not follow instructions to consolidate two fixed annuity accounts, they did not receive all account paperwork, and did not understand that money would be placed into an annuity.”
- December 2013—”COMPLAINT ALLEGES MISREPRESENTATION REGARDING THE PURCHASE OF A FIXED INDEX ANNUITY AND THAT INFORMATION ON SOME OF THE DOCUMENTS RELATED TO THE TRANSACTIONS WERE COMPLETED BY THE REPRESENTATIVE SUBSEQUENT TO THE CLIENTS SIGNATURES.”
- March 2009—”CUSTOMER ALLEGE MISREPRESENTATION IN THE SALE OF TWO VARIABLE ANNUITY CONTRACTS ISSUED IN 2004.” The matter was settled for $260,000.
For a full copy of Mark Lamendola’s CRD and disclosure history, click https://brokercheck.finra.org/individual/summary/1133485#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.
The Wolper Law Firm is interested in speaking with clients of Mark Lamendola as part of its investigation. We can be reached at 800.931.8452 or by email at email@example.com. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.