Walter Marino, a previously registered broker with Legend Equities Corporation, was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he recommended unsuitable variable annuity replacements (also known as exchanges) to two customers, allegedly causing one customer to incur a surrender charge of $85,523.23.
According to the FINRA complaint, Walter Joseph Marino, of Dix Hills, New York, had no reasonable basis for his recommendation of replacements for his customers’ non-qualified variable annuities. The complaint alleges that both customers suffered substantial losses as a result of his recommendation. For instance, one customer incurred significant tax liabilities due to Mr. Marino’s failure to use the tax-free exchange available under the IRS Code. Further, as mentioned above, another customer is alleged to have suffered a surrender charge of more than $85,000. Mr. Marino, on the other hand, allegedly received commissions of approximately $60,000 for recommending the unsuitable transactions. Continue reading →