Former Edward Jones financial advisor James Vincent Marino (CRD# 6192459) has been investigated by the Financial Industry Regulatory Authority (FINRA) for allegations that he accepted gifts from a client and used the client’s credit card for his own personal benefit.
In a letter of Acceptance, Waiver, and Consent, FINRA stated that James Marino received the regulatory authority’s request to appear on July 13, 2017 for on-the-record testimony, but Marino said in an email to FINRA staff that he would not appear for such testimony at any time.
As a result of his failure to appear, FINRA has barred James Marino from associating with any FINRA member in any capacity.
James Marino is not currently registered, but was with Edward Jones of Pompano Beach, Florida from 2013 until he was discharged in October 2016.
Publicly available records provided by FINRA in a BrokerCheck reveal James Marino is accused of broker theft by stealing money from a client from November 2013 through April 2016 while James Marino was with Edward Jones. That client is seeking $702,300 in damages.
Protecting Yourself from Broker Theft
Broker theft is committed in a variety of ways. Sometimes an unscrupulous broker will ask the customer to write a check out to the broker or a business the broker controls. Instead of investing the customer’s money, the broker cashes the check and uses the money for personal endeavors.
To protect yourself from such broker theft, never make a check payable to the broker or one of the broker’s companies. Only send money to the institution that is taking custody of your money for investment purposes rather than giving it to the person who is selling you the investments.
Another avenue for broker theft is unauthorized withdrawals. Your investment account statements will show evidence of this type of broker theft if it has occurred.
If you have had investments with James Marino or any other financial advisor who you believe has committed broker theft, the investment fraud attorneys at Meyer Wilson would like to speak with you. Call today for a free consultation with no risk to you.