The US Securities and Exchange Commission is investigating Westlake Village, California stockbroker Thomas Swan (CRD# 1698430) over alleged violations of...Read More
Mark Lamendola: FINRA Bars Former World Capital Brokerage Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Cranberry Township, Pennsylvania broker and investment advisor Mark Lamendola (CRD# 1133485) barred him over allegations he made misrepresentations to a customer regarding an annuity investment. A former representative of World Capital Brokerage, Lamendola was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2017055262601) dated January 2019, Mark Lamendola “mistakenly deposited” a customer’s IRA contributions into his variable annuity account instead of his fixed annuity account in April 2014 and April 2015. FINRA’s findings state that the customer made a verbal complaint regarding the erroneous deposits, after which Lamendola “attempted to have the deposits redirected to the proper account.” On two occasions thereafter—October 2015 and January 2016—he “fabricated two letters to [the customer] that purported to come from the annuity company,” according to FINRA. These letters allegedly stated that the erroneous deposits had been transferred into the correct account and additionally that “the transaction was not reportable to the IRS,” according to FINRA. The regulator states further that this was a misrepresentation, and that at the time he sent the fabricated letters, the erroneous deposits “had not been corrected.” FINRA’s findings state that these activities constituted violations of FINRA Rule 2010, which relates to standards of commercial honor.
FINRA’s findings state further that Mark Lamendola gave the customer a payment of $15,999.55 between March 2016 and June 2016 as an attempt to settle the customer’s complaint about the erroneous deposits. According to FINRA, he did not inform his member firm, World Capital Brokerage, of the complaint or of his payment to the customer. FINRA’s findings state that this also constituted a violation of FINRA Rule 2010. As a result of the foregoing alleged conduct, Mark Lamendola was barred from associating with any FINRA member in any capacity.
This was not the first FINRA action against Mark Lamendola. He was also named in a 2015 sanction finding that he did not inform his member firm of a customer complaint against him regarding the interest crediting methods on two equity indexed annuity products. According to FINRA, he “settled the customer’s complaint without notifying the firm by sending the customer a check in the amount of $11,250,” FINRA suspended him from associating with any FINRA member firm in any and all capacities for 45 days. It also ordered him to pay a fine of $5,000.
Mark Lamendola is not currently registered as a broker or investment advisor. His employment history includes World Capital Brokerage in Cranberry Township, Pennsylvania, Equity Services, Nationwide Securities, 1717 Capital Management Company, MetLife Securities, Metropolitan Life Insurance Company, EQ Financial Consultants, the Equitable Life Assurance Society of the United States, and Pruco Securities Corporation. He currently holds no state licenses and has passed seven securities industry qualification examinations.