FINRA Reportedly Bars Chad Mackland After Allegations of Fraudulent Sales Practices
According to the Financial Industry Regulatory Authority (FINRA) on March 22, 2020, the regulator barred former broker, Chad Mackland (CRD#4933804) after he failed to provide information in its investigation. FINRA began investigating Mackland after his former employer, MML Investors, reportedly disclosed that criminal felony charges were pending against him for, among other things, theft and fraudulent sales practices.
According to his FINRA broker profile on August 29, 2020, Mackland was criminally charged with “fraudulent sales practices, theft, or fraudulent practice, an act for financial gain on a continuing basis, that is punishable as an indictable offense.”
Mackland was reportedly registered with MML Investors Services in Omaha, Nebraska from March 2017 until March 2018 when he was discharged for “misrepresentations to customers related to traditional life insurance policies,” according to his broker report.
FINRA indicates a customer complaint was filed against Mackland on April 29, 202o requesting damages of $2,871,000.00. The claim, which is still pending, is alleging “the representative churned the customer’s accounts, recommended unsuitable transactions, made fraudulent, false, and misleading representations, communications, and transactions and breached his fiduciary duties.”
According to his FINRA broker profile, Mackland was registered with MML Investors Services in Omaha, Nebraska from March 2017 until March 2018 when he was reportedly discharged after allegations. Prior to that, he worked for eleven years with Northwestern Mutual Investment Services until 2016 when he voluntarily resigned after “while under internal review” for questions relating to his sales practices.
For FINRA’s full findings see FINRA case number 2020065534801.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities fraud claims involving Chad Mackland and the liability his former employers may have for failure to properly supervise him.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as making fraudulent claims, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Chad Mackland and MML Investors Services, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.