Randall McGill Facing a Suitability Dispute
Randall McGill (CRD #: 1309727), a broker registered with Ausdal Financial Partners, is the subject of an investor dispute alleging he violates securities regulations. This disclosure appears on his BrokerCheck record, accessed on October 10, 2023. Keep reading if you have questions about his alleged conduct.
On September 15, 2023, an investor alleged that Randall McGill failed to perform his due diligence and breached his fiduciary duty. The investor further alleged he had recommended an unsuitable investment.
FINRA Rule 2111 – Unsuitable Investments
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. This rule also prohibits excessive trading – the number of trades must not be so large that the transaction fees unfairly compromise the investor’s returns. “Unsuitable investments” are any securities that violate FINRA Rule 2111.
Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.)
Randall McGill has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 24 General Securities Principal Examination
He is a registered broker in Arizona, Illinois, Indiana, Ohio, Pennsylvania, and South Carolina.
During his 38 years of experience, he has registered with 11 firms:
- Ausdal Financial Partners (CRD #: 7995)
- JP Turner & Company Capital Management (CRD #: 124446)
- J.P. Turner & Company (CRD #: 43177)
- Questar Capital Corporation (CRD #: 43100)
- Securities America Advisors (CRD #: 110518)
- Griffin Financial Services (CRD #: 10823)
- LaSalle St. Securities (CRD #: 7191)
- GNA Securities (CRD #: 10465)
- Ogilvie & Taylor Securities Corporation (CRD #: 10105)
- Penn Mutual Equity Services (CRD #: 4031)
Kurta Law Can Help
If you worked with Randall McGill and 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 that 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.