Investor Seeks $1.8 Million in Suitability Dispute with Daniel Mackle
Daniel Mackle (CRD #: 2239531), a broker formerly registered with MD Global Partners, allegedly churned a client’s account, according to his BrokerCheck record, accessed on July 16, 2022. Read on if you want to know more about Daniel Mackle’s conduct as a broker.
In a pending dispute filed on July 29, 2021, an investor alleged Daniel Mackle engaged in unauthorized and excessive trading, made misrepresentations and failed to supervise. The client seeks $550,000 in damages.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information such as investors’ age, risk tolerance, and investment goals.
Brokers must also ensure that their overall trading activity suits their client’s profile by following the requirement for quantitative suitability. Excessive trading violates this requirement and racks up fees that reduce an investor’s returns.
Investors who rely on brokers for recommendations or their trading discretion can potentially recover their losses by pursuing FINRA arbitration.
FINRA Rule 3110 and 3260
FINRA Rule 3110 requires firms to establish and enforce supervisory systems to maintain compliance with FINRA regulations.
Unauthorized trading violates FINRA Rule 3260, which restricts brokers from exercising trading discretion outside of pre-approved discretionary accounts. This rule also requires firms to regularly review discretionary accounts for excessive trading.
FINRA Rule 2020
FINRA Rule 2020 prohibits brokers from using deceptive, manipulative, and otherwise fraudulent tactics to influence the purchase and sale of securities. This includes the misrepresentation or omission of material facts related to investments, such as an investment’s fees, risks, or potential returns.
Daniel Mackle has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 55 – Limited Representative-Equity Trader Exam
- Series 7 – General Securities Representative Examination
- Series 4 – Registered Options Principal Examination
- Series 24 – General Securities Principal Examination
He has also worked for the following firms:
- MD Global Partners (CRD#:140988)
- Garden State Securities (CRD#:10083)
- J.P. Turner & Company (CRD#:43177)
- Barron Chase Securities (CRD#:18969)
- Worthington Capital Group (CRD#:28595)
- Investors Associates (CRD#:958)
- M.S. Farrell & Company (CRD#:24232)
- Sands Brothers & Company (CRD#:26816)
Kurta Law Can Help
If you worked with Daniel Mackle and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.