GWG Bond Recovery Lawyers

FINRA Arbitration Panel Awards GWG Investors Over $800K in Damages

Ruling Shows Why It Is So Important for Those Who Suffered L Bond Losses To Consider Filing Broker Fraud Claims

A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded investors damages in their GWG L Bond loss recovery claim against a broker-dealer. There were several claimants who were part of this case. The panel awarded a number of them a collective over $726,000 in compensatory damages. Two of the investors were granted $75,000 each for emotional damages.

In their Statement of Claim, these GWG L Bond investors asserted a number of causes of action against the brokerage firm that marketed and sold them these investments, including breach of fiduciary duty, suitability, fraudulent or negligent material misrepresentations and omissions of material information when selling, breach of contract, and failure to supervise.

Thousands of investors were unsuitably sold high-risk junk bonds issued by GWG Holdings, which is now accused of running a more than $1.6B Ponzi scam. Dozens of brokerage firms sold these L Bonds to investors, including retirees, retail investors, and even certain institutional investors, who have since sustained serious losses.

Shepherd Smith Edwards and Kantas L Bond fraud attorneys (investorlawyers.com) are representing many of them in their GWG L Bond loss lawsuits. If you sustained losses in GWG, there is still time to explore your legal options with one of our seasoned alternative investment fraud attorneys.

Even though brokers were not directly involved in any purported scam run by GWG executives, they still could be held liable if they breached their fiduciary duty to investors or failed to conduct the necessary due diligence that would have allowed them to detect something was amiss. Consider that in another award granted to a GWG investor earlier this year—for nearly $100K—the arbitrator overseeing the proceedings found that these L Bonds were likely unsuitable for perhaps anyone.

As an L Bond investor, you might think that you will recover your money through the GWG Holdings bankruptcy process. However, there is a good chance you won’t get back much, if anything, at all. Earlier this year, the GWG Wind Down Trustee submitted financials that disclosed that bondholders could expect to, at best, get back a small fraction of the money owed to them.

Our L Bond fraud attorneys have been fighting for investors for over 30 years.  We can determine whether broker negligence or fraud contributed to your losses. If we decide to work together, you can trust us to receive quality representation and personalized attention.

Unfortunately, the high commissions financial advisors and their firms could earn from selling these risky, illiquid bonds, may have compelled many of them to ignore an investor’s best interests and market and sell L bonds to customers.

How Can Our GWG Bond Recovery Lawyers Help?

Shepherd Smith Edwards and Kantas GWG Bond Recovery Lawyers have over a century’s worth of combined experience in securities law and the securities industry. We have the skills, knowledge, and resources to take on even the most complex claims and our L Bond attorneys are fierce advocates when it comes to fighting for investors.

To schedule your free, no-obligation case assessment, contact us online or call our GWG Bond Recovery Lawyers at (800) 259-9010 today.