Mark Andrew D’Ercole, a former stockbroker associated with Portsmouth Financial Services in San Francisco, California, has been the subject of two customer disputes, according to Financial Industry Regulatory Authority (FINRA) Public Disclosure.
On July 8, 2024, a customer initiated investment related FINRA securities arbitration claim was filed against Portsmouth Financial Services alleging that the securities broker dealer failed to conduct reasonable due diligence, engaged in misrepresentation of material facts, made false statements, and failed to supervise certain representatives. The allegations also included unsuitable investment recommendations in GWG Holdings Class L Bonds, with the claim seeking $590,000 in damages. The matter was settled for $301,343.17 (FINRA Arbitration No. 24-01438). D’Ercole did not contribute financially to the settlement.
An additional customer initiated investment related civil action remains pending against D’Ercole. Filed on June 21, 2018, in the Superior Court of California, Orange County (Civil Action No. 30-2018-01000807-CU-FR-CJC), the plaintiff alleged unsuitable recommendations in a whole life insurance policy. The claim sought $593,000 in damages. D’Ercole responded that the products were sold through his independent insurance company, DB3 Insurance Services, and were not related to his registration with the broker-dealer firm. Litigation is ongoing in state court, with no resolution reported.
D’Ercole was associated with Portsmouth Financial Services between 2003 and 2022. He currently operates DB3 Insurance Services in Oakland, California, as CEO and owner.
