National Securities

Marc Cline, formerly of CFG Capital, Allegedly Recommended GWG L bonds to Florida Retirees

Published on: August 8, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants file FINRA arbitration claim against National Securities

Two Florida retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against National Securities Corp. They seek up to six figures in damages for the losses they sustained in GWG Holdings L bonds. The risky, illiquid junk bonds were allegedly recommended to them by former National Securities broker Marc Cline. He operated locally in Florida under the firm name CFG Capital, LLC (Cline Financial Group).

Cline, who’s no longer a registered representative, has fifteen customer disputes listed in his CRD. These were either settled or are still pending.

FINRA Fines National Securities $9M Over GPB Private Placement Sales

Published on: July 5, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Broker-Dealer Ordered to Pay Customers More Than $625K in Restitution

The Financial Industry Regulatory Authority (FINRA) sanctioned National Securities Corporation for about $9M, including $4.77M disgorgement in net profits. The broker-dealer allegedly tried to artificially impact the market for GPB private placements involving several public offerings while serving as the underwriter. GPB Capital Holdings is accused of operating a more than $1.7B Ponzi scam that defrauded over 17,000 investors.

National Securities must pay over $625K in restitution for allegedly not disclosing certain material information to customers who bought GPB private placements. FINRA fined the firm $3.6M for alleged broker misconduct and other violations.

Investors Seek $455K In Damages Involving National Asset Management Adviser Willard Pugh

Published on: September 29, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Boca Raton Stockbroker Recently Named in Two FINRA Arbitration Complaints

Willard Louis Pugh, a National Asset Management financial advisor in Florida, is currently under scrutiny in the wake of customer allegations alleging unsuitable investment recommendations. Pugh, who has been in the securities industry for 32 years, is also a National Securities Corporation broker. He was recently named in two customer disputes filed in Financial Industry Regulatory Authority (FINRA) arbitration.

The first investor claim, brought in June, seeks $300K in damages. William Pugh’s BrokerCheck record doesn’t specify what type of investment is involved. The second customer case, filed in July, names the United Development Funding V real estate investment trust (UDF V REIT). The claimant is seeking $155K.

National Securities Broker Michael Burkoff Accused of Unsuitable Investment Recommendations Involving Structured Products

Published on: May 11, 2020 | by Shepherd Smith Edwards & Kantas, LLP

National Securities Broker Investigated Over Unsuitable Investment Recommendations

Our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm) are looking into claims by investors who suspect that National Securities stockbroker Michael Burkoff recommended investments that were unsuitable for them. Burkoff is a registered representative with National Securities. He has been the subject of a number of customer complaints.

Our seasoned securities fraud attorneys have been successful at representing investors from all over the United States in cases of broker fraud. If you are interested in finding out how you can recover investment losses, get in touch with us today.