SEC Files Lawsuit Against Ex-Moloney Securities Broker Robert Vance Over GWG L Bond Sales. Our GWG Bond Loss Law Firm Is Representing Investors Who Worked With This Former California Financial Advisor
If you sustained losses in GWG Holdings L Bonds that were allegedly unsuitably recommended to you by ex-stockbroker Robert Morgan Vance, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today. Already, we are representing two investors in their six-figure investment loss recovery claim against Moloney Securities, which is where Vance used to be a registered representative. They are accusing him of unsuitably recommending GWG L Bonds and misrepresenting the risks. We are also representing other L Bond investors against Moloney Securities.
Now, the US Securities and Exchange Commission (SEC) is suing Vance for alleged best-interest violations when selling $4.3M in GWG L Bonds. GWG Holdings, which filed for bankruptcy in 2022, is now accused of running a more than $1.6B Ponzi scam that has cost thousands of investors, including seniors and retirees, serious portfolio losses. Meanwhile, dozens of broker-dealers, including Moloney Securities, allegedly profited through the high sales commissions and fees they were paid.
The SEC’s complaint contends that Vance purportedly unsuitably recommended these high-risk junk bonds to retail brokerage customers who were near or at retirement age and who had moderate risk tolerance levels. He allegedly continued to do so even after GWG disclosed that there was significant doubt about its ability to keep on as a going concern. The Commission is accusing Vance of due diligence failures.
Vance’s CRD notes 18 disclosures, 17 of which are investment loss recovery claims, including at least $1M broker fraud lawsuit.
What Should You Do If You Sustained GWG L Bond Losses?
Contact our L Bond fraud lawyers to schedule your free, initial case assessment. Shepherd Smith Edwards and Kantas is representing many investors who sustained losses in GWG L Bonds. If we decide to work together, you will become part of our unit of claims that are represented by our entire firm.
We have been investigating this alternative company for some time now and are knowledgeable in how broker misconduct, negligence, unsuitability, concentration, misrepresentations and omissions, and supervisory failures ended up involving investors in this alleged mass Ponzi scam.
This is not the legal claim you want to make without a seasoned securities law firm. Our L Bond investor lawyers have fought for investors against brokerage firms and investment advisers for over 30 years. Over 90% of our clients have received full or partial financial recovery through our skilled efforts and dedication.
We are here to protect investors’ legal rights and give them their best chance possible for financial recovery.
How To Contact Our GWG Bond Loss Law Firm
Call (800) 259-9010 or fill out this form.