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Clarence McGill: Palm Beach Gardens Financial Advisor Sanctioned

A disciplinary action taken by the Financial Industry Regulatory Authority against former Palm Beach Gardens, Florida broker and investment advisor Clarence McGill (CRD# 1838243) barred him after finding he refused to provide information during its investigation into possible unsuitable investment recommendations. A former representative of GWN Securities, McGill was barred from acting as a broker or otherwise associating with a broker-dealer firm.

According to a Letter of Acceptance, Waiver and Consent (No. 2018057843501) dated July 2018, Clarence McGill was registered with GWN Securities from April 2014 until March 2018, when the firm filed a notice reporting his termination. In April 2018, FINRA sent McGill a request to produce information connected with its investigation into his “possible participation in the recommendation and sale of unsuitable investment products to customers.” FINRA sent the request on April 5 with a response required by April 19, upon which date McGill’s counsel requested an extension until May 3, 2018. When McGill “failed to respond to this request,” according to FINRA’s findings, FINRA sent a second written request for information on May 7, 2018, requiring a response from McGill by May 21. He did not respond to this request either, according to FINRA, which sent a third request on May 23 with a deadline of June 6. FINRA states that McGill indicated through counsel that he would not “at any time” produce the information requested by FINRA. FINRA found this refusal to constitute a violation of FINRA Rules 8210 and 2010, which concern information requests and standards of commercial honor, respectively. As a result of the foregoing alleged conduct, Clarence McGill was barred from association with any FINRA member in any capacity.

Clarence McGill is currently not registered as a broker or investment advisor. His employment history includes GWN Securities in Palm Beach Gardens, Florida; Fox Financial Management in Carrollton, Texas; Fox & Company Investments in Scottsdale, Arizona; Sentra Securities Corporation in Phoenix, Arizona; Jefferson Pilot Securities Corporation in Fort Wayne, Indiana; Fortis Investors in Oakdale, Minnesota; Chubb Securities Corporation in Fort Wayne, Indiana; and BC Christopher Securities. He currently holds zero state licenses and has passed five securities industry qualification examinations.

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