Michael Martino is a broker at Four Points Capital Partners LLC.
Total Damages Reported
Michael Martino (CRD # 2579146) has allegedly caused damages of $894,701 to his clients and customers.
Who is Michael Martino (Four Points Capital Partners LLC)?
Michael is a financial advisor currently operating at Four Points Capital Partners LLC. He is located in New York, NY. Since 1995, Mr. Martino has been in the securities industry. He has worked in a total of 7 (seven) separate firms and 3 (three) of these firms have been expelled by FINRA as of 2020.
Michael Martino Reviews & Complaints
The Financial Industry Regulatory Authority or better known as FINRA, has received a total of 6 (six) complaints from clients/customers. All the official Michael Martino complaints are listed down below:
Status: Alleged damages are $543,163 and the matter remains pending.
Complaint: ALLEGE THAT BETWEEN 2014-2017, REPS PROVIDED UNSUITABLE RECOMMENDATIONS WITH UNSUITABLE CONCENTRATIONS, WITH UNREASONABLE COMMISSIONS AND FAILURE TO KNOW THEIR CUSTOMERFINRA complaint against Michael Martino reported on June 2020
Status: Matter is pending
Complaint: MISMANAGEMENT OF ACCOUNTS BETWEEN 2011 AND 2017.” Alleged damages are $107,038FINRA complaint against Michael Martino reported on February 2020
Status: Alleged damages are $200,000 and the matter remains pending.
Complaint: CUSTOMER ALLEGES THAT BETWEEN 2016 AND 2019 REP PROVIDED POOR ADVICE ON PROSPECTIVE TRADES IN WHICH CUSTOMER LOST FUNDSFINRA complaint against Michael Martino reported on January 2020
Status: The claim was denied
Complaint: Inappropriate trades and trades not in the best interest of the customerFINRA complaint against Michael Martino reported on June 2017
Status:The matter settled for $14,500
Complaint: ALLEGED UNSUITABLE INVESTMENTS AND INVESTMENT STRATEGYFINRA complaint against Michael Martino reported on January 2014
Status: The matter settled for $30,000.
Complaint: FRAUD & MISREPRESENTATIONFINRA complaint against Michael Martino reported on January 1998
Red Flags & Shady Activities
In addition to the foregoing, Michael Martino had his registration revoked by the State of Utah in 2001 after he failed to “respond to division’s request for information.”
Recover Funds You Lost With Michael Martino And/Or Four Points Capital Partners LLC
If you have lost funds because of misrepresentation, unsuitable investment or unsuitable investment strategy from Michael Martino. Then you can take legal action and get justice. Fraud, malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fail to abide by FINRA’s rules are regulations.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hire financial advisors also have a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the Financial advisor is not being manipulative or having unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
Four Points Capital Partners LLC Review Verdict
With several complaints of malpractice, fraud & unsuitable investments, Michael Martino fails to meet the basic standards of being a good financial advisor. I cannot recommend the services provided by this entity.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s:
• Other investments
• Financial situation and needs
• Tax status
• Investment objectives
• Time horizon
• Liquidity needs
• Risk tolerance
• Any other information disclosed by the customer