Former GWN Securities financial advisor, Clarence L McGill (McGill), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated McGill’s alleged unsuitable investment recommendations to his GWN clients. As a consequence of McGill’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
McGill (FINRA CRD No. 1838243) entered the financial industry in 1988 as a general securities representative. McGill worked for various firms during his career, including Sentra Securities Corporation and Fix & Company Investments Inc. During the relevant time period, McGill worked for GWN Securities Inc. (“GWN”). McGill is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into McGill’s alleged misconduct. FINRA specifically investigated whether McGill recommended and sold unsuitable investment products to his clients in violation of FINRA rules. FINRA sent McGill two requests to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, McGill failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted McGill violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, McGill failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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