Clarence McGill Barred By FINRA After Investigation Is Launched Into His Sales Practices
The Wolper Law Firm is currently investigating claims against Clarence McGill, a former Financial Advisor at GWN Securities in Palm Beach Gardens, Florida. Clarence McGill first entered the securities industry in the 1980s and previously worked for Fox Financial Management Corp. and Fox & Company Investments.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 16, 2018, FINRA sanctioned Clarence McGill for failing or refusing to produce documents requested by FINRA in connection with an investigation. FINRA was investigating Clarence McGill for his alleged “recommendation and sale of unsuitable investment products to customers.” Instead of producing the requested documents, Clarence McGill agreed to sanctions.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.