Broker Fined For Misleading Communications

Frank Thomas Marino of Newport Beach California a stockbroker formerly employed by MARV Capital Inc. has been fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unwarranted and false references within investment related communications. Letter of Acceptance Waiver and Consent No. 2015045590301 (Aug. 2, 2018).

According to the AWC, from October of 2014 to August of 2015, while Marino was registered with MARV Capital, he was also the chief executive officer and part-owner of a corporation, MJIC, Inc. – a company designed to administer pooled investments in businesses anticipating to benefit from cannabis legalization. In addition, Marino was registered throughout this period with Privex Securities, who was designated as placement agent for a private placement geared to accumulate capital for MJIC, Inc.

The AWC stated that Marino created the marketing content for MJIC, Inc., but this content reportedly failed to meet FINRA’s standards for public communications. In particular, the content: was comprised of misleading and false representations concerning MJIC’s registration status; neglected to detail risks pertaining to the investment; and contemplated prospective returns in an unwarranted fashion. Moreover, unjustified claims had been made concerning cannabis legalization. Prior to Marino making revisions based upon FINRA’s concerns, the company reportedly accumulated $970,000.00 from investors. FINRA found that Marino’s conduct was violative of FINRA Rules 2010 and 2210(d)(1).

Marino’s registration with MARV Capital Inc. was terminated on February 16, 2017.

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