Erez Law is currently investigating former Lincoln Investment financial advisor Walter Joseph Marino (CRD# 2121623) regarding misrepresentation, suitability and excessive commissions. Marino was registered with Benjamin Securities, Inc. in Hauppauge, New York from November to December 2016. He was previously registered with Lincoln Investment in Dix Hills, New York from October 2015 to October 2016 before he was terminated after allegations that, “Advisor made an unsuitable recommendation to a client to fully surrender an annuity without knowing the surrender fees that would be incurred by the clients. Firm stopped the transaction and the annuity contract was reinstated, with no harm to client. Rep was on heightened supervision at Lincoln due to his termination from his prior firm for annuity-related violations of firm policy.”
Marino was also terminated from employment at Legend Equities Corporation in Bohemia, New York in July 2015, regarding “ Firm discovered what rep. Represented as a non-replacement va sale was in fact a replacement.” Marino was also terminated from Brill Securities Inc. in New York, New York in August 2001 regarding, “Claimant contends that RR engaged in unauthorized trading activity and disregarded claimants investment objectives,10/20/2000 thru 10/24/2001.”
In April 2017, FINRA named Marino in a pending complaint alleging that he “recommended unsuitable replacements (also known as exchanges) of non-qualified variable annuities to two customers without having a reasonable basis for recommending the transactions resulting in benefits to him and substantial financial harm to his customers.” According to the complaint, Marino received approximately $60,000 in commissions from these unsuitable transactions, and his customers received no benefits and suffered financial harm due to the costs incurred from the exchanges.
Additionally, “Marino failed to utilize the tax-free exchange available under Section 1035 of the Internal Revenue Code in recommending non-qualified annuities, causing the customers to incur significant tax liabilities. The new annuities that Marino recommended to replace those being surrendered also resulted in an increase in annual mortality and expense charges, a new, annual advisory fee of 1.5% of the new annuity’s value, and new surrender periods.” Additionally, it is alleged that Marino lied to his employer to avoid scrutiny by misrepresenting the source of funds in documents provided to the firm as from a “check” or money order instead of replacing existing annuities.
Marino has been the subject of 12 customer complaints between 1996 and 2016, according to his CRD report:
- November 2016. “Client alleges misrepresentation and alleges representative charged excessive commissions in his account.” The case was settled for $20,000.
- July 2016. “Client alleges misrepresentation and alleges representative charged excessive commissions in her account.” The customer is seeking $89,000 in damages and the case is currently pending.
- July 2016. “Client alleges misrepresentation and alleges representative charged excessive commissions in her account.” The customer sought $60,000 in damages and the case was settled for $75,000.
- July 2016. “Client alleges misrepresentation and alleges representative charged excessive commissions in her account.” The case was settled for $15,000.
- May 2016. “Client alleges representative charged excessive fees and misrepresented the investment activity in her 403b account.” The customer is seeking $20,000 in damages and the case is currently pending.
- May 2016. “Client alleges representative charged excessive fees and misrepresented the investment activity in her 403b account.” The customer sought $20,000 in damages and the case was settled for $18,000.
- May 2016. “Client alleges misrepresentation and alleges representative charged excessive commissions in her account.” The case was settled for $37,500.
- March 2016. “Client alleges misrepresentation and alleges representative charged excessive fees in her 403b account.” The customer is seeking $264,101 in damages and the case is currently pending.
- March 2016. “Client alleges misrepresentation and alleges representative charged excessive commissions in her account.” The case was settled for $40,000.
- June 2015. “Firm discovered what rep represented as a non-replacement VA was in fact a replacement. The firm settled for $225,000.00.” The case was settled for $225,000.
- July 2003. “Suitability, fraudulent misrepresentation/omission, violation of securities exchange act, violation of NASD rules, negligence, breach of fiduciary duty, violation of penny stock reform act, failure to supervise.” The customer sought $79,000 in damages and the case was settled for $50,000.
- February 1996. “Unauthorized trading & failure to sell a position alleged damages equaling $14,250.” The case was settled for $14,250.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Lincoln Investment may be liable for investment or other losses suffered by Marino’s customers.
Erez Law represents investors in the United States for claims against Lincoln Investment financial advisor Walter Joseph Marino, who is alleged to recommend unsuitable investments and receive excess commissions for customer transactions. If you were a client of Lincoln Investment financial advisor Walter Joseph Marino, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
