Securities Lawyers Blog
According to BrokerCheck records financial advisor Mark Lamendola (Lamendola), formerly employed by Wordl Capital Brokerage, Inc. (World Capital) has been subject to six customer complaints, two terminations for cause, and two regulatory actions during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the customer complaints against Lamendola concern allegations over variable annuity sales practices.
In January 2019, FINRA barred Lamendola alleging that Lamendola made misrepresentations to a customer by fabricating letters that purported to come from an annuity company regarding the status of the customer’s deposit. FINRA found that Lamendola wrote in each letter that the incorrect deposit was re-deposited into the correct account and the transaction was not reportable to the Internal Revenue Service. FINRA determined that Lamendola had mistakenly deposited the customer’s IRA contributions into his variable annuity account rather than his fixed annuity account. In addition, FINRA determined that Lamendola paid $15,999.55 to the customer to settle his verbal complaint regarding the mistaken IRA deposits.
In June 2018, Lamendola was discharged from World Capital due to his annuity practices.