UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Chad Thomas Mackland ("Mackland" or "Respondent"). The Commission finds that during most of the period from April 2017 to February 2020, Mackland was associated with various broker-dealers (as a registered representative) and investment advisers (as an investment adviser representative) that were registered with the Commission. On July 9, 2021, the Iowa Insurance Commissioner entered a final order against Mackland (the "Iowa Order") that barred Mackland from applying for registration in Iowa as an investment adviser, investment adviser representative or as a securities agent; permanently revoked his Iowa resident insurance producer license; and permanently prohibited him from engaging in the insurance business in Iowa. According to the Iowa Order, the County Attorney's Office in Pottawattamie, Iowa, charged Mackland with multiple felonies related to insurance sales practices. Mackland entered an Alford/guilty plea to the charge of Ongoing Criminal Conduct, which involved fraudulent sales practices and/or theft by deception on a continuing basis during the period August 2017 through August 2020. Following his guilty plea, Mackland was sentenced to a deferred judgment.

Order

Bar (Permanent)

Association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO.

Indefinite

9/30/2021

Participating in any offering of a penny stock, including: acting as a promoter, finder, consultant or agent.

Indefinite

9/30/2021

Iowa

On August 24, 2020, the Pottawattamie County Attorney's Office filed a Trial Information in criminal case number FECR163322 in the Iowa District Court for Pottawattamie County, charging Respondent with one count of Ongoing Criminal Conduct by committing fraudulent sales practices and/or theft by deception on a continuing basis. The criminal charges in Pottawattamie County stemmed from acts committed by Mackland acting in his capacity as a licensed insurance producer in the state of Iowa and relating to at least seven Iowa consumer households. Mackland was alleged to have fraudulently converted life policies, increased policy coverage without consent, initiated or directed others to initiate policy loans without the insured's consent, initiated or directed others to initiate premium draft changes without the insured's consent, misrepresented the purpose of various insurance forms, and misrepresented to multiple insured's that money would be deposited into a special holding account when in fact no such account existed and the money was used as premium payments for life policies. On April 5, 2021, Mackland entered an Alford plea to the charge of Ongoing Criminal Conduct in violation of Iowa Code § 706A.2(4) and the State agreed to dismiss Counts II-IX of the Trial Information. In his plea, Mackland agreed that the Minutes of Testimony were substantially true and could be relied upon by the Court as a factual basis for his plea. On April 12, 2021, Mackland was sentenced to a deferred judgment. Mackland was ordered to complete 120 hours of community service, and ordered to pay $30,000.00 in Victim Pecuniary Damages. Mackland was also placed on probation for three years. Mackland did not report his criminal prosecution to the Commissioner within 30 days of the pretrial conference and has not done so as of the date of this filing. Mackland failed to notify the Division of his criminal sentencing within 30 days and has not done so as of the date of this filing.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

Securities Agent, Investment Adviser, Investment Adviser Representative, Insurance Agent

Permanent

7/9/2021

Cease and Desist

Revocation

FINRA

Without admitting or denying the findings, Mackland 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.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

indefinite

3/23/2021

Fraudulent Sales Practices over $10,000.

Dismissed

Commit Fraudulent Sales Practices, Theft, or fraudulent practice, an act for financial gain on a continuing basis, that is punishable as an indictable offense.

Plea Agreement

Theft in the First Degree by deception.

Dismissed

Fraudulent Sales Practices under $10,000.

Dismissed

The complaint alleges that beginning in or around 2011 (which was before the rep joined the Firm), and continuing while the rep was with the Firm, the rep churned the complainant's accounts, recommended unsuitable transactions, made fraudulent representations, communications and transactions, and breached fiduciary duties.

$2,871,000.00

$1,200,000.00

MassMutual

Discharged

Terminated in connection with misrepresentations to customers related to traditional life insurance policies.

Reason for termination will be further evaluated

Northwestern Mutual Investment Services LLC

Voluntary Resignation

Registered representative resigned while under internal review for questions relating to his sales practices. The investigation is on-going.

I was not permitted to resign, I resigned. There was no so-called investigation in process when I resigned on 08/01/2016.