Clarence L. McGill, Formerly of GWN Securities Inc., Allegedly Recommended the Sale of Unsuitable Investment Products to Customers

Clarence McGill allegedly recommended the sale of unsuitable investment products to customers, according to a recent FINRA Letter of Acceptance, Waiver, and Consent (AWC) under review by attorney Alan Rosca.

Clarence McGill has worked nearly three decades in the securities industry with nine firms and was most recently a financial advisor and registered representative of GWN Securities from April 2014 to March 2018 at a branch office in Frisco, Texas, according to his FINRA BrokerCheck Report.

Attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Clarence McGill’s alleged recommendation of the sale of unsuitable investment products to customers. Investors who believe they may have lost money in activity related to Clarence McGill’s alleged recommendation of the sale of unsuitable investment products are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Clarence McGill Barred by FINRA

Clarence McGill’s association with GWN Securities Inc. as a General Securities Representative came to an end on March 13, 2018 when GWN Securities Inc. filed a Uniform Termination Notice for Securities Industry Registration, according to the aforementioned AWC under review by Alan Rosca.

On April 5, 2018, FINRA staff then sent McGill a written request for information, and on April 19, 2018, McGill’s counsel called FINRA staff and requested an extension until May 3, 2018, the AWC notes. FINRA staff, on May 23, 2018, after receiving no response from McGill to either of the previous two extensions and requests, reportedly sent McGill’s counsel a third written request for information, pursuant to FINRA Rules, requiring a response no later than June 6, 2018, the AWC notes.

McGill’s counsel reportedly acknowledges that he received FINRA’s requests and would not produce the information requested at any time, and, by refusing to produce information as requested pursuant to FINRA Rules, McGill allegedly violated FINRA Rules, and has thus been barred by FINRA.

One should also note that, according to the AWC, Clarence McGill neither admitted nor denied the FINRA findings.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Clarence McGill’s alleged recommendation of the sale of unsuitable investment products to customers. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Clarence McGill’s alleged recommendation of the sale of unsuitable investment products to customers may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

filed under: Investigations

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