The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about First Standard Financial Broker Leonard J. Marzocco to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Marzocco has been registered in the securities industry since 1998. Over the years, he has been registered with 6 brokerage firms: Win Capital Corp., Institutional Equity Corporation, Ladenburg Capital Management Inc., Ehrenkrantz King Nussbaum Inc., Rockwell Global Capital LLC and, most recently, First Standard Financial Company. During that period, the FINRA BrokerCheck report indicates that Mr. Marzocco has been the subject of one Regulatory Event, one Criminal Event and 5 Customer Disputes, 3 of which were pending as of August 24, 2016.
The Regulatory Event related to an application seeking to permit Mr. Marzucco, a person subject to the statutory disqualification, to continue to associate with Ehrenkrantz King Nussbaum Inc. The application was denied in 2004. Notwithstanding, it appears that Mr. Marzucco reentered the securities business and became associated with 2 other brokerage firms subsequent thereto. There is no information in the FINRA BrokerCheck report that indicates how and when Mr. Marzucco reentered the securities industry.
The Criminal Event related to a felony conviction arising out of a driving under the influence of alcohol charge. According to the broker statement on the FINRA BrokerCheck report, "the registrant suffers from alcoholism which is currently under control by the registrant participating in counseling and being a member of AA."
There are 2 customer disputes with allegations of fraud, breach of fiduciary duty and violation of FINRA rules that have supposedly settled for amounts ranging from $25,000 to $70,000. There are 3 pending arbitrations reportedly filed against Institutional Equity Corporation for the alleged misrepresentations, failure to execute orders and unauthorized trading while he was employed at that firm. We believe that Mr. Marzucco's employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Marzucco contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.