New Jersey Investor Files Six-Figure GWG L Bond Loss Lawsuit Against Newbridge Securities
Broker-Dealer Is Accused of Supervisory Failures, Breach of Fiduciary Duty, And More
Once again, Shepherd Smith Edwards and Kantas New Jersey GWG L Bond Loss Attorney Teams (investorlawyers.com) are representing a client in their investment loss recovery claim over losses they sustained in GWG L Bonds. The respondent, Newbridge Securities, is being sued for up to six-figures in damages.
The claimant is a New Jersey resident who is a novice, unsophisticated investor. He contends that his Newbridge Securities broker was more concerned with earning high commissions rather than providing the duty of care owed. Our client, who entrusted a large portion of his wealth to this financial advisor, is claiming alleged supervisory failures, unsuitable investment recommendations, misrepresentations and omissions about the risks, broker fraud, negligence, and gross negligence.
GWG Holdings is accused of operating a $1.6B Ponzi scam that has left many thousands of investors, mostly retirees and retail investors, with huge losses. Our broker fraud lawyers are working with many of these victims in pursuing damages from the regional brokerage firms that marketed and sold GWG L Bonds.
These life settlement-backed bonds were supposed to be low-risk—or so investors were purportedly led to believe. In fact, they were illiquid, non-transparent, and callable. This means that GWG could buy them back at any time without penalty, even as investors would lose income from their investment. These L bonds were auto-renewable unless advance notice was given.
By 2020, GWG was in massive debt and would go on to declare bankruptcy in 2022. However, even before that, in 2018, GWG had stopped investing in life insurance policies and began investing in the Beneficent Company Group, which was owned by GWG Chairman Brad Heppner. Investors allegedly were not made aware of this change.
What Should You Do If You Sustained L Bond Losses?
Your best chance for financial recovery may be to go after the brokerage firm that sold you L Bonds. But first, you need to determine whether you have grounds for a claim seeking damages.
To do this, contact our New Jersey GWG L Bond Loss Attorney Team today to schedule your free, no obligation case assessment. Shepherd Smith Edwards and Kantas is representing many GWG L Bond investors in fighting to recoup their losses. We understand the nature of these fraudulent investments and the ways in which broker fraud or negligence may have unnecessarily exposed you to this alleged Ponzi scam.
We have the skills, knowledge, and resources to represent investors against even the largest brokerage firms in the United States. To date, we have collectively recovered many millions of dollars for thousands of investors.
How To Contact Our New Jersey GWG L Bond Loss Attorney Team:
Call (800) 259-9010 today.