Our firm is investigating Landolt Securities, Inc. broker and investment adviser representative Donald Trendley McKiernan (CRD# 1305965) of Lake Bluff, Illinois for potential investment-related misconduct.
Stockbroker’s Career History
According to his FINRA BrokerCheck report, Donald Trendley McKiernan (CRD# 1305965) has been in the securities industry since 1984 and is currently registered with Landolt Securities, Inc. in Lake Bluff, Illinois, where he serves as CEO and holds multiple principal and representative registrations (including General Securities Principal and General Securities Representative).
Over the course of his career, McKiernan has been registered with the following brokerage firms:
- Landolt Securities, Inc. (CRD# 28352), Lake Bluff, IL – 11/2005–Present
- Oberweis Securities, Inc. (CRD# 42060), Antioch, IL – 08/2004–11/2005
- Birkelbach Investment Securities, Inc. (CRD# 11490), Chicago, IL – 04/1990–09/2004
- Robert A. Podesta & Co. (CRD# 13140), Chicago, IL – 06/1989–04/1990
- The Chicago Corporation (CRD# 1449), Chicago, IL – 09/1988–06/1989
- Oberweis Securities, Inc. (CRD# 7739) – 06/1985–09/1988
- Francis Manzo & Company, Incorporated (CRD# 8187) – 01/1985–06/1985
- Vantage Securities of Colorado, Inc. (CRD# 8622) – 10/1984–12/1984
Donald Trendley McKiernan Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck for Donald Trendley McKiernan reports multiple customer disputes—both settled, denied, and pending—arising primarily from alleged misappropriation of customer funds by a former registered representative, Anthony Liddle, and related allegations that McKiernan failed to reasonably supervise that representative in connection with GWG L Bonds, annuities, alternative investments, and UTMA accounts.
Although the alleged misappropriation was carried out by Liddle, customers have asserted claims against McKiernan for negligence, failure to supervise, and violations of the Wisconsin Uniform Securities Act, seeking recovery of hundreds of thousands of dollars in alleged losses. McKiernan denies wrongdoing and asserts that Liddle acted alone through his separate registered investment adviser firm.
GWG L Bond & Alternative Investment Misappropriation – $110,000 Claim (Settled)
One FINRA arbitration involved a customer who alleged that Anthony Liddle solicited her to purchase GWG Holdings, Inc. L Bonds, but instead of purchasing the investment, he allegedly misappropriated $110,000. The customer asserted claims against McKiernan for negligence/failure to supervise and violations of the Wisconsin Uniform Securities Act.
Key details of this disclosure:
- Type of disclosure: Customer dispute – settled
- Firm when conduct occurred: Landolt Securities, Inc.
- Allegations:
- Liddle solicited the customer to purchase GWG L Bonds
- Funds were allegedly misappropriated instead of invested
- Claims against McKiernan include negligence and failure to supervise
- Alleged damages: $110,000
- Forum & case number: FINRA arbitration, Case No. 22-02447
- Disposition: Settled on July 12, 2023
- Settlement amount: $45,000 (with $0 reported as McKiernan’s individual contribution)
- Broker statement: McKiernan asserts the claims are “wholly unfounded” and that Liddle acted alone in a fraudulent scheme carried out through a separate RIA and concealed from Landolt and regulators.
Multiple Customers – $498,000 in Alleged Misappropriation (Settled)
A second FINRA arbitration combined several customers’ claims involving GWG L Bonds, an annuity, an alternative investment, and UTMA accounts, again tied to alleged misconduct by Anthony Liddle and alleged supervisory failures by McKiernan.
According to BrokerCheck:
- Type of disclosure: Customer dispute – settled
- Firm when conduct occurred: Landolt Securities, Inc.
- Allegations:
- Certain customers were solicited to purchase GWG L Bonds but funds allegedly were misappropriated ($125,000)
- Another customer was solicited to purchase:
- An Athene annuity (~$245,000)
- An alternative investment in Red Oak Capital Holdings (~$80,000)
- Two UTMA accounts (~$48,000)
- Instead of purchasing these investments, the customers allege a total of $373,000 was misappropriated
- Claims against McKiernan again include negligence/failure to supervise and violations of the Wisconsin Uniform Securities Act
- Total alleged damages: $498,000
- Forum & case number: FINRA arbitration, Case No. 22-01529
- Disposition: Settled on September 29, 2023
- Settlement amount: $225,000, with BrokerCheck reporting $165,000 as McKiernan’s individual contribution
- Broker statement: McKiernan reiterates that the claims are unfounded, asserting that Liddle acted alone and that the firm chose to settle to avoid further legal expenses.
Denied Customer Complaint – $856,443 in Alleged Misappropriation
BrokerCheck also reports a denied customer complaint involving additional allegations of misappropriation. Customers alleged that Liddle misappropriated $797,000 between March 4, 2021 and May 4, 2022, and asserted claims against McKiernan for negligence and failure to supervise.
Details include:
- Type of disclosure: Customer dispute – closed, denied
- Firm when conduct occurred: Landolt Securities, Inc.
- Alleged damages: $856,443
- Date complaint received: December 31, 2022
- Status: Complaint denied on October 4, 2023; no settlement reported
- Broker statement: McKiernan again maintains that Liddle acted alone in a fraudulent scheme carried out through Liddle’s separate RIA and concealed from Landolt and state regulators.
Pending FINRA Arbitration – GWG L Bond Losses Up to $500,000
Most recently, BrokerCheck discloses a pending FINRA arbitration in which a claimant alleges breach of contract, violation of state securities statutes, negligence, misrepresentation, and breach of fiduciary duty related to a June 2020 GWG L Bond investment.
Key facts of the pending matter:
- Type of disclosure: Customer dispute – pending
- Firm when conduct occurred: Landolt Securities, Inc.
- Product: Debt–Corporate (GWG L Bond)
- Alleged damages: Up to $500,000 (statement of claim indicates an amount between $100,000 and $500,000)
- Date notice/process served: October 27, 2025
- Forum & case number: FINRA arbitration, Case No. 25-02309
- Broker position: McKiernan denies the allegations, asserting that the client acknowledged the suitability of the investment and understanding of risk in writing.
These disclosures demonstrate that investors have accused McKiernan, in his supervisory capacity at Landolt Securities, Inc., of failing to reasonably supervise a representative whose alleged misappropriation and unsuitable recommendations caused significant losses in GWG L Bonds and other investments. At the same time, it is important to remember that FINRA BrokerCheck includes allegations that may be contested, unresolved, or unproven, and some matters have been denied or settled without an admission of wrongdoing.
In conclusion, the claims reported on McKiernan’s BrokerCheck suggest that investors who purchased GWG L Bonds, annuities, alternative investments, or UTMA accounts through Anthony Liddle and Landolt Securities, Inc. may have potential FINRA arbitration claims for failure to supervise and related state-law violations against the supervising principals, including McKiernan.
To obtain a copy of Donald Trendley McKiernan’s FINRA BrokerCheck report, visit this link: visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2010 requires that members and associated persons “observe high standards of commercial honor and just and equitable principles of trade.” This rule is broadly applied whenever a broker’s or supervisor’s conduct is considered unethical, dishonest, or inconsistent with fair dealing—even if it does not violate a more specific rule.
In the McKiernan-related disputes, investors claim that the firm’s and supervisor’s handling of GWG L Bond and other transactions allowed misappropriation to occur and persist, potentially falling short of the high ethical standard required by Rule 2010. When misappropriation, unsuitable recommendations, or serious supervisory lapses occur, panels often treat such conduct as inconsistent with “high standards of commercial honor,” and a finding of liability under Rule 2010 may accompany or follow a finding under Rule 3110.
FINRA Rule 2111 (Suitability) obligates brokers to have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile (age, financial situation, investment objectives, risk tolerance, etc.). Even though many of the claims against McKiernan center on supervision rather than direct sales, the underlying investments—GWG L Bonds, annuities, and alternative products—raise classic suitability issues.
In arbitrations arising from these types of products, investors often argue that:
- The high risk, illiquidity, and complexity of GWG L Bonds and certain alternative investments made them unsuitable for their circumstances;
- The recommending representative misrepresented or omitted material risks; and
- Supervisory principals failed to detect patterns of unsuitable sales or to restrict representatives from recommending these products to inappropriate customers.
Where a supervising principal is named, claimants may contend that the principal’s failure to monitor suitability red flags and enforce product-specific supervisory guidelines contributed to violations of Rule 2111, even if the principal did not personally recommend the investments.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.