The Financial Industry Regulatory Authority (“FINRA”) has barred broker Chad Mackland from the securities industry. Mr. Mackland was barred from the brokerage industry for refusing to cooperate with a FINRA investigation into alleged theft and fraudulent sales practices.
According to his BrokerCheck report, Mr. Mackland is facing four felony charges in the District Court of Pottawattamie County in Iowa. He is accused of committing fraudulent sales practices and theft by deception.
Mr. Mackland was associated with Lion Street Financial, LLC in Council Bluff, Iowa, from December 2018 to February 2020.
Before joining Lion Street Financial, he was employed by two different broker-dealers in Omaha, Nebraska. Both employment engagements ended after allegations of wrongful conduct. From March 2017 to September 2018, Mr. Mackland worked at MML Investors Services, LLC. He was fired for making misrepresentations to customers related to traditional life insurance policies. From May 2005 to August 2016, Mr. Mackland was associated with Northwestern Mutual Investment Services, LLC. He resigned while under internal review for questions relating to his sales practices.
Mr. Mackland is also the subject of at least one customer complaint. In April 2020, a customer filed a securities arbitration alleging over $2.8 million in damages. The customer alleged that Mr. Mackland churned the account; made unsuitable investment recommendations; made fraudulent, false, and misleading statements; and breached his fiduciary duties. The alleged conduct occurred in 2011 when Mr. Mackland was associated with Northwestern Mutual Investment Services, LLC.
If you have suffered financial losses investing with Chad Mackland, Lion Street Financial, MML Investors Services, or Northwestern Mutual Investment Services, or suspect inappropriate activity in your investment or retirement account, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC and Arvest Wealth Management.
Lion Street Financial, MML Investors Services, or Northwestern Mutual Investment Services – Supervisory Duties
Brokerage firms like Lion Street Financial, MML Investors Services, and Northwestern Mutual Investment Services must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as churning and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Chad Mackland, Lion Street Financial, MML Investors Services, or Northwestern Mutual Investment Services, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.