Six-Figure GWG Lawsuit Accuses Moloney Securities Of Making Unsuitable Investment Recommendations. Shepherd Smith Edwards and Kantas WG Bond Fraud Attorneys Is Representing This Retiree Couple
Once again, our trusted GWG L Bond recovery attorneys have filed a FINRA lawsuit on behalf of investors against Moloney Securities. This time, our clients are a California couple who allege they were the victims of unsuitable investment recommendations by one of the broker-dealer’s registered representatives. These retirees are requesting up to six-figures in damages.
This is an L Bond lawsuit involving a financial advisor who appears to have been more concerned with the commissions that could be earned rather than honoring their fiduciary duty to these customers. We also believe that Moloney Securities was beyond complacent in the way it supervised this broker and the products it chose to sell to its customers.
These two older investors made it clear from the start they were seeking to avoid undue risk. Yet, this did not stop their Moloney Securities financial advisor from purportedly unsuitably overconcentrating their assets in high-risk, illiquid junk bonds that were inappropriate for them. Not only that, but, also, this couple’s broker misrepresented GWG L Bonds as safe, low risk, and income-generating.
Our clients were novice investors who lacked the experience necessary to get involved in alternative investments. Now, these seniors are looking at a complete loss of the principal invested as a result of Moloney Securities’ recommendations.
Shepherd Smith Edwards and Kantas (investorlawyers.com) is also representing other investors in their GWG bond arbitration claims against Moloney Securities and many of the other brokerage firms that marketed and sold L Bonds to investors.
GWG Allegedly a More than $1.6B Ponzi Scam
GWG Holdings is an alternative investment firm that is accused of operating a more than $1.6B Ponzi scam. Thousands of investors, many of them seniors and retirees, have sustained serious losses.
GWG has been the subject of investor lawsuits. However, if you are someone who sustained losses from GWG L Bonds that your broker marketed and sold you, your best chances for financial recovery may be to sue your broker-dealer for damages.
Granted, not all investor losses are due to broker misconduct or negligence. However, it has come to our attention that dozens of regional brokerage firms earned high commissions from selling GWG bonds even after there was evidence of financial trouble and signs of possible fraud. Proper due diligence would have made it obvious that this was becoming a bad investment for customers, especially retail investors. Brokers should have protected their customers instead of selling them L Bonds.
Why Retain Seasoned GWG Bond Fraud Attorneys?
This is not the kind of investment loss recovery claim you want to make without an experienced securities team by your side. Our L Bond fraud lawyers have been investigating what happened for some time now. We are well-versed in how these investments ended up costing investors and the ways in which financial advisors purportedly ignored red flags, disregarded investors’ best interests, and chose to prioritize profit over their own customers’ financial well-being.
At Shepherd Smith Edwards and Kantas, our GWG Bond Fraud Attorneys have the knowledge, experience, and resources to represent investors with even the most complex cases against brokerage firms of all sizes, including regional broker-dealers and large Wall Street firms. Should we agree to work together, you would become part of our unit of GWG loss claims represented by all of us.
Contact Us About Your L Bond Losses Today
Call our GWG Bond Fraud Attorneys at (800) 259-9010 to schedule your free, initial case consultation or fill out this form online. During your free, initial, no-obligation assessment, we can help you explore your legal options. More than 90% of our clients have secured full or financial recovery in arbitration, mediation, and litigation.