Garden City, New York financial advisor (CRD# 5225102) has received multiple investor complaints alleging that his investment recommendations led to...Read More
Mark Cline: GWG L Bond Complaints Against Wildwood Advisor
Former National Securities Corporation financial advisor Mark Cline (CRD# 3206962) has received more than a dozen settled or pending complaints alleging he engaged in various forms of misconduct. Financial Industry Regulatory Authority records show that he was most recently registered as a broker and an investment advisor in Wildwood, Florida.
Mr. Cline’s BrokerCheck report discloses 16 investor complaints. The most recent, filed in July 2022, alleges that as a representative of National Securities Corporation, he recommended an unsuitable investment in GWG L bonds, and further that he failed to disclose the product’s risk. The pending complaint alleges damages of $55,000.
A second investor complaint, filed in May 2022, similarly alleges that Mr. Cline recommended an unsuitable investment in GWG L bonds while at National Securities Corporation. The pending complaint alleges damages of $90,000.
A third investor complaint, filed in May 2022, alleges that he recommended an unsuitable options investment strategy while at National Securities Corporation. The pending complaint alleges damages of $500,000.
Two other investor complaints, filed in 2019 and 2020, allege that Mr. Cline recommended unsuitable private placement investments. The pending 2019 complaint alleges damages of $400,000, while the pending 2020 complaint alleges damages of $100,000. Mr. Cline denied the complaints’ allegations in a statement on each disclosure.
Mr. Cline’s BrokerCheck report discloses a total of 11 complaints filed in 2019, all alleging suitability violations connected to a private placement investment while he was at National Securities Corporation. The complaints settled for a total of more than $500,000.
According to the Financial Industry Regulatory Authority, Mark Cline holds 22 years of securities industry experience. He is currently not registered as a broker or an investment advisor. He was most recently registered with National Securities Corporation in Wildwood, Florida from 2014 until 2022. His past registrations include B. Riley Wealth Management, Great Nation Investment Corporation, United Equity Securities, CCF Investments, and the Leaders Group. His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. (Information current as of September 1, 2022.)
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