John Marmion (CRD #: 1139175), a broker registered with UBS Financial Services, has been the subject of a Cease and Desist Order issued by the Ohio Division of Securities. This order is documented in his BrokerCheck record and can also be found in the Ohio Department of Commerce Division Final Orders, Order 23-022. To understand the details of this order, continue reading.
On June 28, 2023, John Marmion entered into a Consent Agreement with the Ohio Department of Commerce Division of Securities. In doing so, he acknowledged the findings that he had failed to adhere to his firm’s internal written policy and procedure for reporting a suspected case of financial exploitation. This alleged misconduct also constituted a violation of Ohio state law concerning elder financial exploitation.
According to the Order, John Marmion became suspicious when an elderly client requested a withdrawal of $200,000 from her account in four separate checks of $50,000 each. She explained that she intended to use this money to purchase a house. John Marmion allegedly questioned whether she might be falling victim to a scam. Subsequently, the client’s son informed him that his mother had been deceived into believing that her son had been kidnapped, and she had sent the cash payments as ransom to secure his release.
John Marmion holds several qualifications, including:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 5 Interest Rate Options Examination
- Series 3 National Commodity Futures Examination
- Series 15 Foreign Currency Options Examination
- Series 7 General Securities Representative Examination
- Series 9 General Securities Sales Supervisor – Options Module Examination
- Series 10 General Securities Sales Supervisor General Module Examination
- Series 8 General Securities Sales Supervisor Examination (Options Module & General Module)
He is registered as a broker in 14 states and holds registration as an investment adviser in Ohio and Texas.
John Marmion has been associated with the following firms:
- UBS Financial Services (CRD #: 8174)
- Wells Fargo Advisors (CRD #: 19616)
- Prudential Securities Incorporated (CRD #: 7471)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #: 7691)