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Donald McKiernan: Landolt Advisor Denies Negligence Complaints
Investor complaints against Antioch, Illinois financial advisor Donald McKiernan (CRD# 1305965) allege that he failed to supervise the activities of a broker who conducted a “fraudulent scheme.” Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Landolt Securities, where he is Chief Executive Officer.
Mr. McKiernan’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in December 2022, alleges negligence and supervisory failures relating to the activities of Anthony Liddle, a representative who allegedly “misappropriated $797,000” between March 2021 and May 2022. The pending complaint alleges damages of $856,443.A second investor complaint, filed in October 2022, similarly alleges negligence and supervisory failures connected to Mr. Liddle’s alleged misappropriation of funds. The pending complaint alleges damages of $110,000.
A third investor complaint, filed in October 2022, alleges that he failed to supervise a representative who solicited investments in GWG L bonds and other products, including an Athene annuity and an alternative investment in Red Oak Capital Holdings. The pending complaint alleges damages of $498,000.
In an identical statement included with the pending complaints’ disclosures, Mr. McKiernan defended himself against the allegations, which he described as unfounded. “Mr. Liddle admittedly acted alone in his fraudulent scheme,” he wrote, “which was perpetrated through his separate registered investment advisor firm and was well-concealed from state regulators and Landolt Securities, Inc. during Mr. Liddle’s short tenure with the firm and during the COVID-19 pandemic.”
According to the Financial Industry Regulatory Authority, Donald McKiernan holds 38 years of securities industry experience. Based in Antioch, Illinois, he has been a broker with Landolt Securities, where he is Chief Executive Officer, since 2005. His registration history includes Oberweis Securities, Birkelbach Investment Securities, Robert A. Podesta & Company, The Chicago Corporation, Francis Manzo & Company, and Vantage Securities of Colorado. His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the Introducing Broker/Dealer Financial Operations Principal Examination, or Series 28; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Municipal Securities Representative Examination, or Series 52TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Florida, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Missouri, Montana, New Jersey, New York, South Dakota, Virginia, and Wisconsin. (Information current as of February 4, 2023.)
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