- December 6, 2022
- Garden State Securities
Daniel Mackle, Sr. (CRD#: 2239531) was previously registered as a Broker and Investment Advisor.
He entered the securities industry in 1992 and previously worked for MD Global Partners, LLC; Garden State Securities, Inc.; J.P. Turner & Company, LLC; Barron Chase Securities, Inc.; Worthington Capital Group, Inc.; Investors Associates, Inc.; M.S. Farrell & Company, Inc.; and Sands Brothers & Co., Ltd.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2022, a customer dispute was opened against Daniel Mackle, Sr. The allegation states, “SUITABILITY, CHURNING, BREACH OF FIDUCIARY DUTY.” The customer dispute is pending, and damages of $1.8M are requested.
In addition, Daniel Mackle, Sr. has been the two other customer complaints, including the following:
- July 2021 — “UNAUTHORIZED AND EXCESSIVE TRADING; MISREPRESENTATION; FAILURE TO SUPERVISE.” The customer dispute is pending, and damages of $550,000 are requested.
- October 2010 — A tax judgment/lien in the amount of $18,071 was filed against Daniel Mackle, Sr.
- January 2000 — “A CUSTOMER WAS INCORRECTLY CLASSIFIED AS AN ACCREDITED INVESTOR DURING THE SALE OF A PRIVATE PLACEMENT. AS A RESULT, THE CUSTOMER EXPRESSED HIS DISSATISFACTION WITH THE MANNER IN WHICH HIS ACCOUNT WAS HANDLED. THE REGISTRANT WAS A SUPERVISOR AT BARRON CHASE SECURITIES, INC. AT THE TIME OF THE TRANSACTION.” The customer dispute was settled for $20,000.
For a copy of Daniel Mackle, Sr.’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
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.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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