New TV Ad Shows Mark Robertson Got Rich While Working For A Firm That Financially Ruined Seniors
Las Vegas, NV – Today Titus for Congress released its second TV ad of the 2022 cycle, “Pattern.” The ad, which is airing on broadcast TV in Las Vegas, calls attention to Republican congressional candidate Mark Robertson’s history of putting profits over hardworking Nevadans.
Robertson worked as an investment advisor for a firm that swindled seniors and was fined $5.8 million for its conduct selling unnecessarily high-fee products to line the pockets of Robertson’s colleagues. Now, he’s backing plans that could lead to deep cuts to Nevadans’ Social Security and Medicare and raise the retirement age.
Watch “Pattern” here:
Here’s what you need to know about Robertson’s shady employer and its history of swindling seniors:
Mark Robertson worked as an investment adviser representative of Securities America Advisors, Inc. (SAA) and a registered representative for its affiliated broker-dealer Securities America, Inc. (SAI) from November 2014 to December 2020, according to FINRA.
In April 2018, the SEC censured and issued a cease and desist order against Securities America for investing clients in mutual funds that had higher fees “instead of less expensive share classes of the same funds that were available without 12b-1 fees” and for failing to disclose that its representatives, like Robertson, “had a conflict of interest as a result of the additional compensation an IAR received for investing advisory clients in a fund’s 12b-1 fee paying share class when a less expensive share class was available for the same fund.” The SEC fined Securities America Advisors $5.8 million to compensate clients for shifting them to higher-fee accounts.
In November 2020, the SEC issued a cease and desist order against Securities America for selling “two volatility-linked exchange-related products that were not suitable for SAA clients” and added that “clients suffered significant losses from investments in these products.” Clients “suffered significant losses” including one couple in their mid-70s who lost approximately $125,000 after being led into the risky investment products.
“Mark Robertson is asking the people of Nevada’s First District to trust his judgment and business experience in Washington, but he had no problem being part of an organization that took advantage of seniors at the expense of their retirement savings. Southern Nevadans have every reason to believe that he’ll do the exact same thing in Congress,” said Titus for Congress spokesperson Chris Carter.