If You Are An Investor Who Suffered GWG L Bond Losses Contact Our L Bond Recovery Attorneys Today
Elderly Retiree Couples Sue Arete Wealth Management For Up to $1,000,000
Shepherd Smith Edwards and Kantas (investorlawyers.com) is continuing to offer free, no-obligation case consultations to investors who sustained huge losses in GWG L Bonds. Already we are representing many L Bond investors, including three couples—all older retirees—who are seeking up to $1M in damages from Arete Wealth Management.
These six claimants worked with former Arete broker JR Thacker (Jack Robert Thacker), who is now a Realta Investment Equities financial advisor in Bristol, Virginia. The senior investors contend that Thacker held retirement seminars and presented himself as a seasoned financial professional who would customize his approach to their respective best interests.
They made it clear to him that because of their ages they were unwilling to take any unnecessary risks with their retirement funds. Yet, Thacker allegedly still went on to unsuitably recommend that they invest in GWG L bonds, which are high-yield, illiquid junk bonds, and non-traded real estate investment trusts (non-traded REITs), which can be very risky too. He also purportedly employed a “one-size-fits” strategy to these investors’ detriment. Thacker’s CRD shows multiple FINRA lawsuits alleging unsuitable investments. He denies the allegations.
These retirees are now looking at the total loss of the principal they invested in GWG and potentially in the non-traded REITS as well. This is seriously affecting their retirement plans. In their L bond loss lawsuit, they are alleging unsuitability, overconcentration, misrepresentations and commissions, a failure to look out for their best interests, and more.
Why Are The Claimants Suing Arete and Not Center Street Securities?
The allegations of broker fraud appear to have occurred while Thacker was a Center Street Securities financial advisor. However, that firm shuttered. It was being sued by many investors for collectively millions of dollars over their losses related to GPB Capital Holdings, which allegedly ran a $1.8B Ponzi scam. It also was the respondent in numerous GWG investment loss recovery claims. GWG Holdings is accused of operating an alleged $1.6B Ponzi scam.
Arete acquired Center Street in a de facto merger. This means it could still be held liable for the losses sustained by the latter’s clients due to successor liability.
How Can Our Knowledgeable L Bond Recovery Attorneys Help?
Shepherd Smith Edwards and Kantas has been going after the many broker-dealers who unsuitably marketed and sold GWG L bonds in a bid to earn high commissions while committing best interest violations and due diligence failures. This included representing many L bond investors against Center Street Securities before it closed down.
The brokers that sold GWG junk bonds to investors may not have been directly involved in the alleged investor fraud. However, it was their purported unsuitable recommendations, fiduciary breaches, and other financial advisor misconduct or negligence that embroiled their customers in L Bonds to begin with.
Our seasoned GWG L bond fraud lawyers can help you determine whether you have grounds for an investor lawsuit against Arete Wealth Management or any other brokerage firms. If we do work together, you can trust that you will receive quality securities law representation and customized attention.
Representing Retirees, Seniors, and Victims of Elder Financial Abuse
Many of the investors we represent are older claimants who suffered devastating losses because a broker or investment adviser was careless with their savings or purposely sought to defraud them. With over a combined more than 100 years’ worth of experience in securities law and the securities industry, we have the skills, experience, and resources to represent each investor and zealously fight for their financial recovery. Call (800) 259-9010 today.