Northwestern Mutual Client Files Dispute About Chad Mackland
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information about securities broker Chad Mackland (CRD#: 4933804, Council Bluff, Iowa). Apparently, a client of Mackland’s at Northwestern Mutual investment Services sued over his sales practices. In addition, Mackland’s Omaha, Nebraska employers – MassMutual and Northwestern – both have disaffiliated with him amid misconduct allegations. Here’s what you need to know.
Northwestern Mutual Client Indicates Chad Mackland Churned Accounts, Breached Fiduciary Duty
Apparently, a client of Northwestern Mutual and MassMutual disputed Chad Mackland. First of all, the client suggested that Mackland was churning the client’s variable annuity. It seems that Mackland might have placed his interest in commissions and fees over the client’s interests. Secondly, Mackland allegedly recommended unsuitable investments to the client. Thirdly, the client indicated that Mackland was deceptive relating to his representations to the client and his communications. Finally, Mackland allegedly failed to comply with his fiduciary responsibility to the client. For this reason, the client demanded $2,871,000 in compensation. Evidently, this matter is ongoing.
Securities Firms Disaffiliate With Mackland
Apparently, in September 2018, MassMutual disaffiliated with Chad Mackland because he supposedly misrepresented information to the client. It seems that some clients might have purchased traditional life insurance because of Mackland’s false or misleading statements. Also, in August 2016, Mackland resigned from Northwestern Mutual who placed him under internal review for problematic sales practices. Mackland’s last known employer is Lion Street Financial located in Council Bluff, Iowa.
FINRA BrokerCheck indicates that Chad Mackland denies all allegations of misconduct as referenced in disputes about his sales practices.
Did Chad Mackland Sell You Bad Investments?
Have you experienced losses by investing with Chad Mackland? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors like Mackland.