There are options for customers of former Northwestern Mutual Investment Services, LLC broker Chad Mackland (CRD# 4933804) who suffered investment losses. Mackland was registered with Lion Street Financial, LLC in Council Bluff, Iowa from 2018 to 2020. Previously, Mackland was registered with MML Investors Services, LLC in Omaha, Nebraska from 2017 to 2018, when he was terminated regarding, “Terminated in connection with misrepresentations to customers related to traditional life insurance policies.”
Prior to that, Mackland was registered with Northwestern Mutual Investment Services, LLC in Omaha, Nebraska from 2005 to 2016, when he was terminated regarding, “Registered representative resigned while under internal review for questions relating to his sales practices. The investigation is on-going.”
In March 2021, FINRA barred Mackland after he consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA in connection with its investigation of an amended Form U5 filed for Mackland, that disclosed that criminal felony charges were pending against him for, among other things, theft and fraudulent sales practices.
Mackland has been the subject of one customer complaint, according to his CRD report:
April 2020. “The Firm received a FINRA Dispute Resolution Arbitration alleging the representative churned the customer’s accounts, recommended unsuitable transactions, made fraudulent, false, and misleading representations, communications, and transactions and breached his fiduciary duties.” The customer is seeking $2,871,000 in damages and the case is currently pending. The complaint was regarding variable annuities and took place while Mackland was registered with Northwestern Mutual Investment Services, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Northwestern Mutual Investment Services, LLC may be liable for investment or other losses suffered by Mackland’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.