GWG Holdings

Following SEC Charges Related To GWG L Bonds, CFP Board Suspends Western International Securities Broker Patrick Egan

Published on: August 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

California investment advisor accused of best interest violations

The Certified Financial Board has suspended Western International Securities financial advisor Patrick Michael Egan from using his CFP designation. The decision comes after the US Securities and the Exchange Commission (SEC) charged him, the broker-dealer, and four other Western International brokers with alleged Regulation Best Interest (Reg BI) violations related to their sale of GWG Holdings L Bonds.

The SEC contends they sold investors these risky, illiquid junk bonds despite the fact these investments were not in the latter’s best interests, given their investing profiles, financial goals, and risk tolerance levels. The CFP Board is the non-profit organization that administers the Certified Financial Planner Certification program.

Ingram Financial Group’s Donna Seymour in Winter Haven Accused of Unsuitably Selling GWG L Bonds To Florida Retirees

Published on: August 2, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants File FINRA Arbitration Claim Against Centaurus Financial

A Florida couple who suffered losses in GWG Holdings L bonds has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Centaurus Financial. In the claim, they are seeking up to six figures in damages for their losses. The investors are retirees and worked with Centaurus broker Donna Maria Seymour, who presents herself as part of IngramFinancial Group in Winter Haven, FL.

The claimants say that they made it clear from the start that they needed to make conservative investments because they were no longer working, had a family history of health issues, and wanted to preserve their finances to support themselves. Instead, Seymour allegedly recommended that they invest in L Bonds, which are risky, speculative, and illiquid.

Former Customers of Newbridge Securities Broker Betsy Whipple Pursue 7-Figure GWG L Bond Claim.

Published on: July 20, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Hiko, Nevada Financial Advisor, BL Whipple Wealth Management, LLC

Three investors have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Newbridge Securities. The claimants seek up to $1M in damages over losses they sustained in GWG L Bonds.

These risky, illiquid junk bonds are from GWG Holdings, Inc., which filed for Chapter 11 bankruptcy protection in April 2022. Newbridge Securities is among the more than 140 regional brokerage firms that earned high commissions from selling L Bonds to customers.

SSEK Law Firm Is Investigating Cabot Lodge Securities Over GWG L Bond Sales

Published on: July 15, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Investors Accuse New York-Based Broker-Dealer of Reg BI Violations

Securities lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm) are looking into claims of losses by investors who were sold GWG Holdings L Bonds by their Cabot Lodge Securities brokers. Cabot Lodge is one of the more than 140 regional brokerage firms that sold high-risk product failures and junk bonds to customers and naive investors. More than a dozen clients were accusing the NY-based brokerage firm of alleged Regulation Best Interest violations when it sold L Bonds to retirees.

GWG Holdings Inc., sold $1.6B of L Bonds, defaulted on $13.6M of payments and interest it owed investors in February 2022. In April 2022, the alternative asset firm filed for Chapter 11 Bankruptcy protection.

Emerson Equity Wholesalers That Pitched GWG L Bonds Leave The Firm

Published on: July 14, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Leading Broker-Dealer Pitched Regional Broker-Dealers To Sell These Risky Junk Bonds

Securities lawyers at SSEK are investigating Emerson Equity wholesalers that pitched risky junk bonds. According to InvestmentNews, a review of BrokerCheck data suggest several Emerson Equity wholesalers across the US have left the firm since the beginning of 2022. They are the same wholesalers responsible for pitching GWG L Bonds to regional broker-dealers.

Emerson, the managing brokerage firm in selling these risky, life settlement-backed bonds for GWG Holdings, Inc., has partnered with over 140 regional brokerage firms to market and sell L Bonds to investors, including retail customers and retirees.

NAV Advisors’ Marc Korsch in Sarasota, Florida Allegedly Sold GWG L Bonds to Customers

Published on: July 3, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Customers of Barred Centaurus Financial Broker Are Requesting Over $7.4M in Damages

Marc Frederick Korsch, the CEO of NAV Advisors in Sarasota and a former Centaurus Financial registered representative, is reportedly involved in a GWG Holdings L Bond case. A Centaurus Financial investor filed this case. Although not a respondent in the Financial Industry Regulatory Authority (FINRA) arbitration claim, Korsch allegedly unsuitably recommended this risky life settlement-backed bond to the customer.

GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection in April 2022. It sold $1.6B of L Bonds to investors through more than 140 regional brokerage firms and financial advisors. These firms earned high commissions from the transactions. Visit GWG Holdings, Inc. and GWG Holdings L Bonds for more information.

GWG Managing Broker-Dealer Emerson Equity Reports Possible Financial Woes

Published on: May 30, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Emerson Equity’s Audited Financial Statement With the SEC Reports Problems Involving Unnamed Offering

Emerson Equity disclosed problems involving an unnamed offering in its yearly audited financial statement with the US Securities and Exchange Commission (SEC). This unnamed offering could potentially cause financial harm to the brokerage firm. The full-service broker-dealer, which works with high net worth individual investors and institutional clients, is the lead seller and underwriter of the L Bonds issued by GWG Holdings, Inc.

In April 2022, GWG Holdings, which sold $1.6B of L Bonds to investors, announced filing for Chapter 11 bankruptcy protection. Emerson Equity is the lead seller of these high-yield bonds. It partnered with more than 140 regional brokerage firms to sell these life settlement-backed bonds to customers.

Despite Red Flags, Centaurus Financial Allegedly Raised Cap for Selling L Bonds To Customers

Published on: May 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Law Firm is Representing Investors Against Centaurus Financial

In a recent InvestmentNews column, reporter Bruce Kelly discussed how broker-dealers and their financial advisors continued selling L Bonds to customers despite indications of possible troubles at GWG Holdings, Inc. In April 2022, the alternative asset firm filed for Chapter 11 bankruptcy protection.

The firm sold $1.6B in life insurance-backed bonds through over 140 regional brokerage firms and managing broker-dealer Emerson Equity. It is unknown what value these high-yield bonds still have or if they are worth anything at all now. Visit our L Bonds and GWG Holdings, Inc. pages to find out more.

Kansas City Retiree Files GWG L Bond Claim Against Titan Securities and Rodger Sprouse of Sprouse Financial in Lee’s Summit, MO

Published on: May 25, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimant Says He Was Never Apprised of the Risks Involved in GWG ‘Junk’ L Bonds

A retired Missouri worker has filed a six-figure Financial Industry Regulatory Authority (FINRA) arbitration claim against Titan Securities and its broker, Rodger Sprouse, over losses sustained in GWG L Bonds. The claimant, who is on disability and was forced to stop working after an injury, is an inexperienced investor.

The claimant contends that Titan Securities and Sprouse allegedly unsuitably recommended these illiquid, speculative junk bonds without fully informing him about the risks. Sprouse is also the owner of Sprouse Financial in Lee’s Summit.

Centaurus Financial Allegedly Unsuitably Recommended GWG Holdings L Bonds, Claims Another Texas Retiree

Published on: May 18, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Independent Broker-Dealer Had Partnered With Emerson Equity to Sell Risky Junk Bonds

Our experienced GWG Holdings L Bonds attorneys represent another investor in Financial Industry Regulatory Authority (FINRA) arbitration against Centaurus Financial. The claimant is a Houston retiree who entrusted his assets to the firm. Now, he is seeking up to six figures in damages.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent investors who a broker-dealer may have unsuitably sold GWG Holding L Bonds. Now that GWG Holdings, Inc. has filed for Chapter 11 Bankruptcy, L Bondholders are scrambling to recoup their losses from these high-yield bonds that may not be worth much, if anything at all, at this point.