Bartholomew (Bart) T.-D. Mackler (CRD #2571840), a former financial advisor with LPL Financial LLC, is facing scrutiny following a FINRA-registered customer dispute alleging improper investment advice and lack of due diligence related to a non-traded REIT.
The complaint raises important questions about advisor suitability standards, broker-dealer supervision, and how investors can recover losses through FINRA arbitration.
Background: Investor Complaint Against Bartholomew Mackler
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According to FINRA BrokerCheck, a customer filed a complaint against Mackler on February 27, 2024, alleging he failed to perform due diligence and made an unsuitable investment recommendation involving a 2016 REIT transaction.
The dispute was settled on April 10, 2024, for $35,000, with no personal contribution from Mackler, per public filings.
The product at issue was a non-traded real estate investment trust (REIT) — a type of illiquid, high-commission investment often marketed to income-seeking or retired investors.
Which Firm Was Involved?
Although Mackler’s most recent registration was with LPL Financial (October 2023 – January 2025), the complaint pertains to conduct during his tenure with Concorde Investment Services, LLC (2013 – 2023).
That distinction matters:
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LPL Financial was not the supervising firm when the alleged misconduct occurred.
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The alleged unsuitable recommendation predates his time with LPL.
This context ensures the case is understood correctly and that investors know which firm’s oversight applied.
Who Is Bartholomew (Bart) Mackler?
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CRD Number: 2571840
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Industry Experience: Since 1995
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Former Firms:
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LPL Financial LLC
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Concorde Investment Services, LLC
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Triad Advisors, Inc.
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Commonwealth Financial Network
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Royal Alliance Associates, Inc.
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Registration History: Connecticut-based advisor active for over 25 years
What Is a Non-Traded REIT and Why Are They Risky?
Non-traded REITs (Real Estate Investment Trusts) are illiquid investments that own and operate real estate assets. Unlike publicly traded REITs, they cannot be sold on exchanges — making them difficult to exit.
Top investor risks include:
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❌ No secondary market: You may be locked in for 7–10 years.
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⚠️ High commissions: Brokers often earn 7–10% upfront, incentivizing sales.
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📉 Uncertain valuations: Prices are internally set, not market-driven.
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💸 Dividend cuts: Many REITs reduce or suspend payouts after downturns.
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🧓 Unsuitability for retirees: Many were marketed as “safe” or “bond-like,” which misleads risk-averse investors.
Regulators such as FINRA and the SEC have fined dozens of firms for failing to supervise REIT sales and related disclosures.
FINRA and the Advisor’s Duty to Investors
Under FINRA Rule 2111 (Suitability Rule), advisors must:
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Understand the products they recommend.
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Ensure investments align with the client’s goals and risk tolerance.
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Disclose material risks before a sale.
Failure to meet these standards can result in firm liability for investor losses.
Both the advisor and broker-dealer may be held responsible if investors are misled, overconcentrated in illiquid products, or sold unsuitable investments.
Industry Trend: Alternative Investment Misconduct
The Mackler case reflects a broader trend involving alternative investments like REITs, private placements, and business development companies (BDCs).
Recent enforcement examples:
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Concorde Investment Services – Fined $350,000 in 2022 for supervisory failures related to complex products.
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LPL Financial – Has faced similar supervisory reviews tied to alternative investment sales.
This pattern underscores a recurring issue: investors are often unaware of the true risks, while firms profit from high commissions.
What Can Investors Do if They Lost Money?
If you experienced losses after investing with Bartholomew Mackler, LPL Financial, or Concorde Investment Services, you may qualify for FINRA arbitration recovery.
Potential claims include:
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Unsuitable investment recommendations
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Misrepresentation or omission of risks
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Failure to supervise broker conduct
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Overconcentration in alternative investments
FINRA arbitration allows investors to seek compensation without going to court. Many REIT cases settle confidentially, with recoveries often reaching six or seven figures.
How to Check Your Advisor’s Record
Before investing, review your advisor’s record on FINRA BrokerCheck.
Search for Bartholomew Mackler (CRD #2571840) to see:
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Employment history
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Active/inactive licenses
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Customer disputes
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Regulatory events
BrokerCheck is a free and trusted public resource every investor should use before making financial decisions.
About Haselkorn & Thibaut, P.A.
Haselkorn & Thibaut, P.A. is a national securities law firm dedicated to helping investors recover losses from financial advisor misconduct.
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