Mark Wetherell (CRD#: 1373405), a 34-year veteran of the securities industry, has been discharged from Kovack Securities, Inc. of Summerville, South Carolina after he allegedly borrowed money from a client and failed to repay it in full, according to his BrokerCheck report accessed on September 25, 2019. Mark Wetherell, who does business as Wetherell Capital Management, is not currently registered with FINRA.
This recent termination is not the only disclosure on Mark Wetherell’s BrokerCheck report. On March 17, 2003, Mark Wetherell became involved in a customer dispute in which a client alleges “unsuitable treatment of account, excessive trading, unsuitable technology shares, inappropriate use of margin, and [a] high level of trading leading to higher personal taxes.” When a broker trades excessively in a client’s account, that generates extra commissions for the broker, which in turn can lead to a higher tax burden for clients. In this case, the client sought $400,000 in damages but the matter was ultimately settled for $275,000.
On June 30, 2002, Mark Wetherell became involved in another customer dispute after a customer verbally alleged that he “persuaded them to invest more aggressively in technology stocks” and that this was not a suitable recommendation given their conservative approach to investing. The matter was settled for $50,000.
On June 17, 2002, a customer alleged that their financial advisor, Mark Wetherell, “made assurances regarding the performance of the stocks, which turned out to be interest. Customer also claimed investment in technology stocks were not appropriate.” While the client requested unspecified damages, the dispute was settled for $20,000.
On September 1, 1996, Mark Wetherell became involved in another dispute. A client alleged that “while [Mark Wetherell] was employed at E.T. Andrews he recommended to a client … to purchase approximately $400,000 of high risk limited partnerships.” While the client sought unspecified damages, the dispute was settled for $20,000.
Over his 34 years in the securities industry, Mark Wetherell has worked for 10 broker-dealers:
- Kovack Securities, Inc. (CRD#: 44848) of Summerville, South Carolina
- Invest Financial Corporation (CRD#: 12984) of Summerville, South Carolina
- Investacorp, Inc. (CRD#: 7684) of Miami, Florida
- UBS Painewebber Inc. (CRD#: 8174) of Weehawken, New Jersey
- Prudential Securities Incorporated (CED#: 7471) of New York, New York
- Northeast Brokerage Services Corporation (CRD#: 26601)
- Nathan & Lewis Securities, Inc. (CRD#: 8503) of New York, New York
- T. Andrews & Co., Inc. (CRD#: 1090)
- Advest, Inc. (CRD#: 10)
If Mark Wetherell was your broker, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email firstname.lastname@example.org for your free consultation with the securities attorneys of Fitapelli Kurta.