Mark Lamendola Barred By FINRA

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Mark Lamendola. According to his publicly available FINRA BrokerCheck report, Mark Lamendola has been the subject of multiple customer disputes.

Mark Lamendola was a Pennsylvania based securities broker. He worked in the securities industry for thirty-five years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Pruco Securities Corporation (1983-1997)


• The Equitable Life Assurance Society of the United States (1997-1999)


• EQ Financial Consultants, Inc. (1997-1999)


• Metropolitan Life Insurance (1999-2002)


• MetLife Securities Inc. (1999-2002)


• 1717 Capital Management Company (2002-2008)


• Nationwide Securities (2008-2009), Equity Services, Inc. (2009-2013)


• World Capital Brokerage, Inc. (2013-2018)

The Allegations

• In June 2005, a customer alleged that Mark Lamendola did not tell him the true cost of coverage associated with VUL purchases.


• In March 2009, a customer alleged that Mark Lamendola misrepresented the sale of two variable annuity contracts issued in 2004. This case was settled for $260,000 in damages.


• In December 2013, a customer alleged that Mark Lamendola made material misrepresentations regarding the purchase of a fixed indexed annuity and that information on some of the documents related to the transactions were completed by the representative subsequent to the clients' signatures.


• In June 2018, Mark Lamendola was terminated from his position at World Capital Brokerage, Inc. following allegations that he opened an IRA account with a fixed annuity for his customers without their authorization. He also allegedly failed to follow instructions to consolidate two fixed annuity accounts.


• In December 2018, customers alleged that Mark Lamendola managed their account negligently, recommended unsuitable investments, over-concentrated their account, made material misrepresentations and omissions of fact, breached contract, violated Pennsylvania unfair trade practices and consumer protection laws, and breached his fiduciary duty. This case is currently pending. The customers are seeking $139,739 in damages.


• In January 2019, Mark Lamendola was officially sanctioned by FINRA. The findings in this matter state that he mistakenly deposited a customer's IRA contributions into his variable annuity account instead of his fixed annuity account. In order to cover up the mistake, Lamendola allegedly wrote false letters from the annuity company to assure that deposits had been fixed, even though they had yet to be rectified. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Mark Lamendola was barred by FINRA following allegations of fraudulent behavior. While his original actions of depositing IRA contributions in the wrong annuity was a clear case of negligence, his attempt to cover up his negligent actions is a different story. Lamendola drafted fictitious letters designed to deceive individuals to cover up his actions. He engaged in actions intended to deceive for his own benefit--the definition of fraud.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Mark Lamendola, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.