The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Thomas Marino. According to his publicly available FINRA BrokerCheck report, Thomas Marino has been the subject of a customer dispute and a FINRA sanction.

Thomas Marino was a Florida based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • A.G. Edwards & Sons (2001-2005)
  • Morgan Stanley (2005-2008)
  • Summit Brokerage Services (2008-2009)
  • Newbridge Securities Corporation (2009)
  • J.W. Cole Financial (2009-2012)
  • R.M. Stark & Co. (2012-2019)

The Allegations

  • In April 2019, a customer alleged that Thomas Marino made investments on their behalf that were inappropriate and unsuitable given her investment objectives and risk tolerance. This case is currently pending, and the customer is seeking $300,000 in damages. Thomas Marino was discharged from his position at R.M. Stark & Co. in June 2019 due to the alleged actions in this complaint.
  • In July 2019, Thomas Marino was officially sanctioned by FINRA. The findings in this matter state that he failed to comply with an investigation into the above mentioned allegations. Due to this alleged failure, Thomas Marino was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Thomas Marino can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 Thomas Marino, 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.