Goodman & Nekvasil P.A, May Recover Investor Losses | Walter Marino, Financial Advisor Suspended from Securities Industry
From 2015 until Walter Marino’s discharge in 2016, Walter Marino was licensed with Lincoln Investment. Walter Marino was also licensed with Benjamin Securities, Inc. and previously worked for Planmember Securities Corporation and Legend Equities Corporation. According to FINRA’s records, Walter Marino was fired by Lincoln Investment on October 20, 2016. Lincoln Investment reported to FINRA that Walter Marino was discharged after being accused of making an unsuitable recommendation to a client to fully surrender an annuity without knowing the surrender fees that would be incurred by the clients. FINRA also reports that Walter Marino was discharged from Legend Equities Corporation on July 30, 2015. Legend Equities Corporation reported to FINRA that Walter Marino was fired after the firm discovered what Walter Marino represented as a non-replacement VA sale was in fact a replacement.
FINRA brought a disciplinary action against Walter Marino in 2017. Walter Marino was ordered to a 1-year suspension. The FINRA complaint alleged that Walter Marino recommended unsuitable replacements of non-qualified variable annuities to two customers without having reasonable basis for recommending the transactions resulting in benefits to him and substantial financial harm to Walter Marino’s customers. The complaint alleged that Walter Marino received commissions of approximately $60,000 from the unsuitable transactions.
FINRA reports that twelve claims were filed alleging sales practice violations against Walter Marino. The claims alleged, but not limited to, misrepresentation, charging excessive fees and commissions, suitability, fraudulent misrepresentation and omissions, violation of securities exchange act and NASD rules, negligence and breach of fiduciary duty. The claims were settled for as high as $225,000.
If you lost any money on investments with Walter Marino, you may be able to recover your losses from Lincoln Investment, Benjamin Securities, Inc., Planmember Securities Corporation and/or Legend Equities Corporation. This is because Lincoln Investment, Benjamin Securities, Inc., Planmember Securities Corporation and Legend Equities Corporation had a duty to supervise Walter Marino.
If you lost money on investments with Walter Marino and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Lincoln Investment, Benjamin Securities, Inc., Planmember Securities Corporation and/or Legend Equities Corporation, concerning Walter Marino’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on any investments with Walter Marino and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.