Another First Standard Stockbroker Barred By FINRA

Christopher Joseph Marnelego of Staten Island New York a stockbroker formerly registered with First Standard Financial has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon allegations that the stockbroker neglected to respond to the regulator’s request for information. FINRA Case No. 2016047624301 (Mar. 1, 2019).

Marnelego was issued a Notice of Suspension by FINRA on November 26, 2018. The suspension took effect on December 20, 2018. FINRA provided the stockbroker an opportunity to terminate the suspension but he failed to request that this suspension be terminated by the February 28, 2019 deadline.

FINRA Public Disclosure confirms that Marnelego has been identified in four customer initiated investment related disputes concerning accusations of his misconduct while employed by Buckman Buckman Reid Inc. On January 15, 2016, a customer initiated investment related arbitration claim concerning Marnelego’s activities was resolved for $37,500.00 in damages founded on accusations that Marnelego’s private placement recommendation was unsuitable for the customer and that the risks of investing had been misrepresented by the stockbroker. FINRA Arbitration No. 14-02678.

On October 28, 2018, a customer initiated investment related arbitration claim pertaining to Marnelego’s conduct was settled for $85,000.00 in damages supported by allegations of bad investment recommendations being made by Marnelego concerning common and preferred stock and over-the-counter equities during the time that he was employed by Buckman Buckman Reid Inc. FINRA Arbitration No. 17-01991.

Marnelego has been associated with three different securities broker dealers since May 23, 2002 who were either expelled by securities regulators or who are otherwise defunct.