GWG L Bond Loss Recovery Attorney

GWG Investors Awarded More Than $600K in FINRA Lawsuit Against Cornerstone Financial Planning

Investment Adviser John Wolf Is A Respondent In This Broker Fraud Claim 

Two investors were awarded $613,825K in compensatory damages from their GWG L Bond loss recovery lawsuit against Cornerstone Financial Planning and its financial advisor John William Wolf. The claimants had alleged unsuitability, misrepresentation, negligence, gross negligence, and breach of fiduciary duty. Wolf, who is no longer a Cornerstone stockbroker, remains a registered investment adviser with this firm.

The Wisconsin investment adviser has other customer disputes on record, most of which have been settled or remain pending. This includes another L Bond lawsuit that was settled for $65K.

If you have suffered losses in these high-risk junk bonds from GWG Holdings—an entity now accused of running a more than $1.6B Ponzi scam, contact Shepherd Smith Edwards and Kantas GWG L Bond Loss Recovery Attorney today. Unfortunately, dozens of regional broker-dealers allegedly unsuitably recommended L Bonds to customers even though these investments were always too high-risk and there were growing concerns of trouble at the alternative asset firm. GWG filed for Chapter 11 bankruptcy protection in 2022. Retirees and seniors are among the many investors who suffered serious losses.

Not only that, but in April 2024, in a different award ruling, an arbitrator stated that GWG’s junk bonds were “not a suitable investment for perhaps anyone.” Greenberg Financial Group and its Arizona broker David Michael Sherwood were ordered to pay $70K to the claimant.

GWG L Bonds were always high-risk, callable, speculative investments. They required a $25K minimum investment that were meant for what was marketed as life settlement-backed bonds. Later, unbeknownst to investors, their funds went toward GWG Chairman Brad Heppner’s The Beneficient Company Group.

Meantime, broker-dealers earned high commissions and fees from marketing these junk bonds to customers. Now, many of them are expected to owe damages. Some have shuttered their doors and gotten out of this financial responsibility. Two of the firms that aren’t in business anymore are Titan Securities and Center Street Securities. The latter is estimated to have earned more than $3.3M in commissions from L Bond sales.

Our GWG L Bond Loss Recovery Attorneys are Representing L Bond Investors All Over The US

You want to pursue damage against the broker-dealer that allegedly unsuitably marketed GWG bonds to you as soon as possible. If the firm does shut down before you are able to get your money, you may lose that option for financial recovery.

Shepherd Smith Edwards and Kantas can help you determine whether you have grounds for an L Bond fraud lawsuit against your financial advisor and their brokerage firm. Over the decades, we have successfully represented thousands of investors in obtaining the financial recovery they are owed.

Call our team of GWG L Bond Loss Recovery Attorney team at (800) 259-9010 today or fill out our contact form.