(FINRA Case #2015046537501)
Walter Joseph Marino (CRD #2121623, Dix Hills, New York) – Marino was named in an amended FINRA complaint in which an additional cause of action was added to a FINRA complaint originally filed on April 24, 2017.
The amended complaint alleges that Marino recommended an unsuitable variable annuity surrender to a semi-retired customer without a reasonable basis for recommending the transaction. The amended complaint also alleges that Marino failed to conduct a reasonable investigation to determine whether the transaction would result in a surrender charge to the customer or the forfeiture of any benefits. In fact, the transaction resulted in a $6,980.52 surrender charge, and the forfeiture of an enhanced death benefit which exceeded the value of the variable annuity by approximately $28,000 and a lifetime income benefit that provided the customer with the ability to receive annual income payments of $24,305.73.
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