Mark D’Ercole: Ex-Portsmouth Advisor Discloses GWG Complaint

Former San Francisco financial advisor Mark D’Ercole (CRD# 820220) recently received an investor complaint alleging that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that the former Portsmouth Financial Services broker is not currently registered with any broker-dealer firm.

Mr. D’Ercole’s BrokerCheck report discloses two investor complaints. The most recent, filed in July 2024, alleges that as a representative of Portsmouth Financial Services, he recommended an unsuitable investment in GWG L bonds. It also alleges that the firm failed to conduct reasonable due diligence, misrepresented material facts, made false statements, and failed in its supervisory responsibilities. The pending complaint alleges damages of $590,000.

A second investor complaint, filed in 2018, alleges that a “section 79 plan” and life insurance policy was unsuitable. The pending complaint alleges damages of $593,000. A comment included with the disclosure states that the products in question “were sold to the Plaintiff by rep’s independent Insurance Company and not represented or sold by the rep in connection with his registration with the Broker-Dealer firm.”

According to the Financial Industry Regulatory Authority, Mark D’Ercole holds 46 years of securities industry experience. Most recently based in San Francisco, California, he was registered as a broker with Portsmouth Financial Services from 2003 until 2022. His registration history includes Greenbook Securities (San Francisco, California; 2003-2007), Robert Van Securities (Oakland, California; 1999-2002), Passport Securities (Burlingame, California; 1997-2000), Wulff Hansen & Company (San Rafael, California; 1982-1997), and Paine Webber Jackson & Curtis (1976-1982). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Municipal Securities Principal Examination, or Series 53; the Financial and Operations Principal Examination, or Series 27; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Investment Adviser Law Examination, or Series 65. He is not currently licensed with any state or broker-dealer firm. (Information current as of August 18, 2024.)

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