Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Chad Mackland (Mackland), previously associated with Lion Street Financial, LLC, has at least 4 disclosable events. These events include one customer complaint, 3 regulatory events, alleging that Mackland recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on September 30, 2021.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Section 203(f) of the Investment Advisers Act of 1940 (‘Advisers Act’) against Chad Thomas Mackland (‘Mackland’ or ‘Respondent’).\<char_lb_r>\, \<char_lb_r>\, The Commission finds that during most of the period from April 2017 to February 2020, Mackland was associated with various broker-dealers (as a registered representative) and investment advisers (as an investment adviser representative) that were registered with the Commission.\<char_lb_r>\, \<char_lb_r>\, On July 9, 2021, the Iowa Insurance Commissioner entered a final order against Mackland (the ‘Iowa Order’) that barred Mackland from applying for registration in Iowa as an investment adviser, investment adviser representative or as a securities agent; permanently revoked his Iowa resident insurance producer license; and permanently prohibited him from engaging in the insurance business in Iowa. \<char_lb_r>\, \<char_lb_r>\, According to the Iowa Order, the County Attorney’s Office in Pottawattamie, Iowa, charged Mackland with multiple felonies related to insurance sales practices. Mackland entered an Alford/guilty plea to the charge of Ongoing Criminal Conduct, which involved fraudulent sales practices and/or theft by deception on a continuing basis during the period August 2017 through August 2020. Following his guilty plea, Mackland was sentenced to a deferred judgment.