The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Clarence McGill. According to his publicly available FINRA BrokerCheck report, Clarence McGill has been the subject of a FINRA sanction.

Clarence McGill was a Florida based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • B.C. Christopher Securities Co. (1988-1989)
  • Jefferson-Pilot Investor Services (1989-1992, 2000-2001)
  • Chubb Securities Corporation (1992-1994)
  • Fortis Investors (1995-2000)
  • Sentra Securities Corporation (2001-2005)
  • Fox & Company Investments (2005-2006)
  • Fox Financial Management Corporation (2006-2013)
  • Gwin Securities (2014-2018)

The Allegations

Clarence McGill was officially sanctioned by FINRA in July 2018. The findings in this matter state that Clarence McGill allegedly refused to produce information that FINRA had requested during its investigation of his possible participation in the recommendation and sale of unsuitable investment products to customers. Due to these allegations, Clarence McGill was barred by FINRA from acting as a securities broker in any fashion.

Unsuitable Recommendations

Securities brokers, like Clarence McGill, have a duty to their customers to only recommend securities that are suitable for them. Some investments are unsuitable for investors based on factors like the customer’s investment objectives, financial situation, and liquidity needs. It is the job of the securities broker to determine their customers’ suitability needs by analyzing these factors. Securities brokers are not allowed to excuse themselves by claiming they were unaware of that an investment would be unsuitable for a particular customer.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Clarence McGill, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.