Clarence L. McGill of Palm Beach Gardens, Florida, a stockbroker formerly employed by GWN Securities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA’s requests in an investigation into allegations of McGill’s potential unsuitable investment recommendations and sales to customers. Letter of Acceptance Waiver and Consent No. 2018057843501 (July 16, 2018).
According to the AWC, McGill’s registration with GWN Securities Inc. was terminated on March 13, 2018. On April 15, 2018, FINRA personnel sent a written request to McGill seeking information from him, according to FINRA Rule 8210, in reference to accusations of McGill’s possible sales practice violations. The AWC stated that McGill was required to provide FINRA with a response by April 19, 2018. McGill’s counsel apparently contacted FINRA and was granted a two week extension for McGill’s response; however, McGill ultimately failed to furnish the information FINRA sought by the May 3, 2018 deadline.
The AWC revealed that on May 7, 2018, another request was submitted by FINRA to McGill’s counsel seeking information from McGill. For the second time, McGill failed to provide FINRA with the requested information by the deadline. Thereafter, McGill’s counsel was sent a third request from FINRA, wherein FINRA asked for details about McGill’s activities to be provided by June 6, 2018. Evidently, McGill’s counsel phoned FINRA on May 31, 2018 to confirm that McGill understood the nature of FINRA’s requests but would at no point be furnishing information to FINRA. FINRA found that McGill’s failure to cooperate was violative of FINRA Rules 2010 and 8210, and barred him from the securities industry as a result.
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