David A. Scholl—Failed to Disclose Participation in Private Securities Transactions

investors rights attorneysDavid A. Scholl Allegedly Failed to Disclose Participation in a private securities transaction for compensation involving Businesses Outside Mackinac Really Group and Mackinac Advisory Services, LLC

David A. Scholl allegedly failed to disclose his participation in a private securities transaction for compensation involving outside businesses Mackinac Really Group and Mackinac Advisory Services, LLC, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and Joe Peiffer.

David A. Scholl, in 2011, allegedly participated in an investment by one of his former clients, known only as JJ, in a real estate venture offered by Mackinac, the AWC notes. Said Note eventually defaulted, failing to provide JJ the promised returns on his investment.

The Peiffer Rosca Wolf securities rights lawyers are currently investigating David A. Scholl for his alleged failure to disclose his participation in a private securities transaction for compensation involving outside businesses Mackinac Really Group and Mackinac Advisory Services, LLC.

David A. Scholl Allegedly Scholl Allegedly Did Not Give Written Notice to A Plan Member or Receive its Proper Prior Approval Before Participating in Private Securities Transaction, Suspended and Fined $5K by FINRA

David A. Scholl allegedly failed to provide written notice to a Plan Member or receive its approval prior to participating in JJ’s private securities transaction, according to a recent FINRA AWC currently under review by attorneys Alan Rosca and Joe Peiffer.

Scholl allegedly assisted JJ with completing the necessary paperwork to open a self-directed IRA at another Firm, and JJ also allegedly sent a $241,000 check from his LPL IRA to the self-directed IRA and invested those funds with Mackinac, the AWC reports.

As a result of the aforementioned behavior, Scholl allegedly violated NASD and FINRA Rules, and accordingly has been suspended, fined $5,000, and ordered disgorgement of commissions received for failure to disclose his participation in a private securities transaction for compensation involving outside businesses Mackinac Realty Group and Mackinac Advisory Services, LLC, the AWC notes.

Securities Rights Lawyers Investigating

The Peiffer Rosca Wolf securities rights lawyers often represent investors who lose money as a result of alleged participation in private securities transactions without providing the required notice. They are currently investigating David A. Scholl for allegedly participating in private securities transactions without providing the required notice. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of David A. Scholl’s alleged participation in private securities transactions without providing the required notice may contact the securities rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1206 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.