{"id":4300,"date":"2017-04-26T18:07:11","date_gmt":"2017-04-26T23:07:11","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4300"},"modified":"2022-03-25T14:02:29","modified_gmt":"2022-03-25T19:02:29","slug":"finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/","title":{"rendered":"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. in Palm Beach Gardens, Florida at the time he allegedly facilitated variable annuities sales that were unsuitable for two of his older clients. According to the regulator, Marino recommended exchanges of non-qualified VAs to the customers without having reasonable grounds to guide them toward these investments. <\/p>\n

FINRA said that Marino earned about $60K in commissions. Meantime, the customers lost over $82K because of surrender charges they were forced to pay and they did not benefit financially. Not only that but because Marino didn\u2019t apply the tax-free exchange provision of the Internal Revenue Code, the customers ended up with substantial tax liabilities.<\/p>\n

Now, the regulator wants Marino to disgorge his ill-gotten gains and pay the customers full restitution for the variable annuity fraud<\/a>.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. in Palm Beach Gardens, Florida at the time he allegedly facilitated variable annuities sales that were unsuitable for two of his older clients. According to the regulator, Marino recommended exchanges of non-qualified VAs […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3741,3803,3884],"tags":[],"class_list":["post-4300","post","type-post","status-publish","format-standard","hentry","category-finra","category-securities-fraud","category-senior-investors","category-variable-annuities"],"yoast_head":"\nFINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers — Investor Lawyers Blog — April 26, 2017<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. — April 26, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers — Investor Lawyers Blog — April 26, 2017\" \/>\n<meta name=\"twitter:description\" content=\"The Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. — April 26, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers — Investor Lawyers Blog — April 26, 2017","description":"The Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. — April 26, 2017","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/","twitter_card":"summary_large_image","twitter_title":"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers — Investor Lawyers Blog — April 26, 2017","twitter_description":"The Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. — April 26, 2017","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers","datePublished":"2017-04-26T23:07:11+00:00","dateModified":"2022-03-25T19:02:29+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/"},"wordCount":546,"articleSection":["FINRA","Securities Fraud","Senior Investors","Variable Annuities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/","url":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/","name":"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers — Investor Lawyers Blog — April 26, 2017","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-04-26T23:07:11+00:00","dateModified":"2022-03-25T19:02:29+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The Financial Industry Regulatory Authority has put out a disciplinary complaint against Walter Marino. The former broker worked for Legend Equities Corp. — April 26, 2017","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/finra-files-complaint-ex-broker-variable-annuity-sales-elderly-customers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"FINRA Files Complaint Against Ex-Broker Over Variable Annuity Sales to Elderly Customers"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-17m","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=4300"}],"version-history":[{"count":3,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4300\/revisions"}],"predecessor-version":[{"id":25499,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4300\/revisions\/25499"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=4300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=4300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=4300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}