Andrew Martinez Subject of a FINRA Suspension

Andrew Martinez (CRD #: 5950799), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, was the subject of an eight-day suspension. This disclosure appears on his BrokerCheck record, accessed on September 27, 2023. If you have concerns regarding his alleged conduct as a broker, keep reading. 

On August 22, 2023, FINRA suspended Andrew Martinez following allegations that he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. 

The suspension began on August 22, 2023, and was lifted on August 30, 2023. 

Investor Disputes

Two disputes allege Andrew Martinez recommended unsuitable investments. One dispute, dated January 13, 2023, alleges churning. 

FINRA Rule 2111 

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

• Excessive trading, which violates the need for quantitative suitability. This means that the number of trades must suit an investor’s goals. Excessive trading is also known as “churning.” 
• Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
• Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Bankruptcy 

Andrew Martinez filed for bankruptcy on August 29, 2023. 

Background Information 

Andrew Martinez has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

He is a registered broker in 18 states and Puerto Rico. He is a registered investment adviser in Connecticut and Texas.

Andrew Martinez has registered with eight firms in his nine years of experience: 

• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• National Securities Corporation (CRD #: 7569) 
• PHX Financial (CRD #: 144403) 
• Newbridge Securities Corporation (CRD #: 104065) 
• PHX Financial (CRD #: 144403) 
• McBarron Capital (CRD #: 131431) 
• National Securities Corporation (CRD #: 119037) 
• Joseph Gunnar & Co. (CRD #: 24795) 
• Investors Capital (CRD #: 30613) 

Kurta Law Can Help

If you worked with Andrew Martinez and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.