Financial Firms

Our Broker-dealer Arbitration Law Firm is Investigating Western International Securities

Published on: November 16, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Are You An Investor Who Suffered Losses While Working With a Western International Securities Financial Advisor?

Our FINRA Lawyers Are Investigating Ex-Western International Securities Broker Daniel Beech

Over the past year, Shepherd Smith Edwards and Kantas, a Broker-dealer Arbitration Law Firm, (investorlawyers.com) have filed FINRA lawsuits on behalf of investors seeking to recover financial losses allegedly caused by the allegedly negligent actions of Western International Securities and a number of its financial advisors. We are also continuing to investigate the brokerage firm and its registered representatives for allegedly unsuitably recommending GWG Holdings L Bonds and other high-risk investments to retail customers and retirees.

REIT Investment Fraud Lawyers Assist Older Investors Against Fraud

Published on: November 16, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Why Privately Traded REITS Are Too Risky For Most Retirees

Not all investments are suitable for everyone, which is why your broker-dealer has a duty to only recommend and sell financial products that are the right fit for you given your age, risk tolerance level, financial goals, and investing experience. Older investors, including retirees, are especially susceptible to devastating consequences from high-risk, unsuitable investment recommendations. If you are a retiree who suffered significant financial losses that you suspect may be due to broker misconduct or negligence, you should contact Shepherd Smith Edwards and Kantas REIT Investment Fraud Lawyers (InvestorLawyers.com) today.

Older Investor Files FINRA Lawsuit Against FSC Securities and Louisiana Broker Craig Accardo

Seasoned Investment Loss Lawyers Representing Latin American Investors

Published on: November 16, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Seasoned Northstar (Bermuda) Investment Loss Lawyers Representing Latin American Investors

Six-Figure Brokerage Firm Arbitration Claim Filed Against Truist Investment Services

Two years after Northstar Financial Services (Bermuda) filed for bankruptcy protection, the number of Latin American investors who are seeking to pursue damages from their broker-dealers for unsuitably recommending annuity-like products from this offshore entity continues to grow. At Shepherd Smith Edwards and Kantas (investorlawyers.com), our skilled investor loss attorneys are representing many of these investors in Financial Industry Regulatory Authority (FINRA) arbitrations.

Texas Bankruptcy Judge Approves New Chapter 11 Financing Option for GWG Holdings

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

New Financing Package Is Still No Guarantee of Financial Recovery for 27,000 L Bond Investors

The Texas Southern Bankruptcy Court has approved a new debtor-in-possession financing package for GWG Holdings. The alternative asset firm, which sold $1.6B of L Bonds to investors, filed for Chapter 11 bankruptcy protection in April 2022. Not long after, a judge at the US Bankruptcy Court in Houston allowed GWG to borrow a $10M emergency loan from National Founders LP to avoid immediate liquidation.

This new verbally approved financing package is for $65M and offers the option to sell GWG’s life insurance asset portfolio for at least $610M—that’s $1B less than what L Bond investors are owed. It takes the place of another $65M financing package deal, includes lower interest rates and fees, and provides other protections. The loan is to be issued by Chapford SMA Partnership LP.

Investors Who Worked with NI Advisors Broker Shirley Ank Wong, also of AK Advisors in Daly City, CA, Suffer GWG L Bond Losses

Published on: August 9, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Elderly couple alleges unsuitability and concentration in risky speculative junk bonds

Two San Francisco retirees have filed a $500k Financial Industry Regulatory Authority (FINRA) case against NI Advisors, its President Sui-hock Goy, and broker Shirley Ank Wong. Broker Ank Wong also operates locally as AK Advisors in Daly City, CA. The investors contend they were unsuitably recommended L bonds despite wanting safe, secure investments for their retirement money.

These elderly customers are accusing Wong of using their shared cultural affinity to market these illiquid high-yield bonds to them. She then allegedly proceeded to concentrate $200k of their money in GWG L bonds while earning high commissions in the process.

Marc Cline, formerly of CFG Capital, Allegedly Recommended GWG L bonds to Florida Retirees

Published on: August 8, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants file FINRA arbitration claim against National Securities

Two Florida retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against National Securities Corp. They seek up to six figures in damages for the losses they sustained in GWG Holdings L bonds. The risky, illiquid junk bonds were allegedly recommended to them by former National Securities broker Marc Cline. He operated locally in Florida under the firm name CFG Capital, LLC (Cline Financial Group).

Cline, who’s no longer a registered representative, has fifteen customer disputes listed in his CRD. These were either settled or are still pending.

Texas Investors Awarded $2.57M in Second FINRA Arbitration Win Against LPL

Published on: August 7, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants also name former LPL Financial brokers Edward Miller and Antonio Reyna

Two investors were awarded $2.57m in their Financial Industry Regulatory Authority (FINRA) arbitration case against LPL Financial and Financial Resources Group. Also named as respondents but who were not ordered to pay damages are two former ex-LPL financial advisors. Antonio Reyna is now a Securities America broker in Texas, and Edward Bruce Miller is currently registered with Financial Resources Group Investment Services in South Carolina.

This is the investors’ second FINRA arbitration case against LPL Financial. They are alleging unauthorized trading, fraud, breach of fiduciary duty, and breach of contract. Financial Resources Group and LPL were both ordered to pay over $1.6M in compensatory damages and nearly $850K in the claimants’ legal fees. Arbitrators have recommended expunging the case from Reyna’s CRD while Miller continues to deny allegations.

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.

UBS Financial Ordered to Pay Punitive Damages in $1.3M Arbitration Ruling Over YES Strategy

Published on: July 28, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Broker-Dealer Losses Yet Another Investor Claim Involving Its Yield Enhancement Strategy

A Financial Industry Regulatory Authority arbitration panel has awarded investors $1.34M, including punitive damages, for losses sustained in the UBS Yield Enhancement Strategy. This is the latest award related to UBS Financial’s complex options trading strategy that has cost investors over $1B.

In June 2022, UBS agreed to pay $25M to settle Securities and Exchange Commission (SEC) fraud charges accusing the firm with failure to provide its brokers with proper training and oversight in the YES program even as they sold this strategy to hundreds of investors. This purportedly caused many of the firm’s financial advisors to not fully comprehend the risks involved and affected their ability to determine whether the Yield Enhancement Strategy was, in fact, in the best interests of these customers.