Securities Lawyers Blog
According to BrokerCheck records financial advisor Clarence McGill (McGill), formerly registered with GWN Securities Inc. (GWN Securities) has been been sanctioned and barred by The Financial Industry Regulatory Authority (FINRA). According to FINRA, McGill consented to the sanction and to the entry of findings because he refused to produce information FINRA requested in connection with its investigation of his possible participation in the unsuitable recommendations of investment products to customers. FINRA’s statement does not include a description of how many customers were involved in the investigation or the types of products and services under inquiry.
According to McGill’s records and public disclosures he is listed as the director and president of The McGill Group which engages in insurance sales and appears to be a d/b/a for the broker.
Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
McGill entered the securities industry in 1988. From April 2014 until March 2018, McGill was registered with GWN Securities out of the firm’s Palm Beach Gardens, Florida office location.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.