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.
His registrations included; 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), and World Capital Brokerage, Inc. (2013-2018). He is no longer working as a registered securities broker in any fashion.
Mark Lamendola’s publicly available FINRA BrokerCheck report shows that he received multiple customer complaints over the course of his career.
In June 2005, a customer alleged that 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 misrepresentation 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 December 2018, customers alleged negligence, unsuitability, over-concentration, misrepresentation/omissions, breach of contract, violation of Pennsylvania unfair trade practices and consumer protection laws, and breach of fiduciary duty. The alleged transgressions taking place between December 2012 and June 2018. This case is currently pending. The customers are seeking $139,739 in damages.
In June 2018, he 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 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.
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.