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Mark Cline Racks Up 19th Investor Dispute Regarding Suitability

Mark Cline (CRD #: 3206962), a broker formerly registered with National Securities Corporation, is facing two new investor disputes, following 11 settled investor disputes. This is according to his BrokerCheck record, accessed on March 30, 2023. If you have concerns about his alleged conduct as a broker, keep reading.

Investor Disputes: Suitability Allegations

“Suitability” refers to the FINRA requirement that brokers only recommend investments that fit their investor’s profile. Profiles include information about the investor’s financial goals and risk tolerance. If investors want to preserve their capital, their brokers should not recommend high-risk investments.

Four pending disputes, filed from May 2022 to January 2023, allege that Mark Cline made unsuitable recommendations of investments offered by GWG Holdings, specifically L Bonds. One of these disputes also alleges that he failed to adequately disclose the risk involved in the investment. These clients seek $345,000.

On May 26, 2022, an investor filed a dispute alleging that Mark Cline’s recommended an unsuitable options investment strategy. They seek $500,000 in this pending dispute.

In a dispute filed on June 21, 2021, an investor alleged that Cline recommended unsuitable investments. The investor is seeking $100,000; the dispute is pending.

On December 19, 2019, an investor alleged that Mark Cline recommended unsuitable investments. The investor seeks $400,000; the dispute remains pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must consider the information described in an investor’s profile, such as their tax status, age, and overall financial situation.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence investors’ decisions. Misrepresenting or omitting information relating to an investment’s potential returns, risks, fees, or other relevant information violates this rule.

Settled Investor Disputes

Mark Cline has 11 settled investor disputes, all of which allege he recommended unsuitable investments. These disputes were collectively resolved for approximately $533,500.

Mark Cline Background Information

Mark Cline has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 79TO – Investment Banking Registered Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination

He previously worked for the following firms:

  • National Securities Corporation (CRD #: 7569)
  • National Asset Management (CRD #: 115927)
  • Great National Investment Corporation (CRD #: 19881)
  • United Equity Securities (CRD #: 47261)
  • C C F Investments (CRD #: 136571)
  • The Leaders Group (CRD #: 37157)

Kurta Law Can Help

If you worked with Mark Cline and you have concerns about your investments, please contact us today at 877-600-0098 or 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.