L Bond Fraud Lawyers

Illinois Investors File 7-Figure GWG Loss Lawsuit Against Moloney Securities and Broker John Shortal. Our L Bond Fraud Lawyers Are Representing These Claimants Who Are Alleging Unsuitability, Misrepresentations 

A family of GWG Holdings investors are seeking up to $1M in damages plus interests and costs in their FINRA lawsuit against Moloney Securities and its Illinois broker John Patrick Shortall. Shepherd Smith Edwards and Kantas L Bond Fraud Lawyers (investorlawyers.com) are representing these claimants.

Their GWG fraud lawsuit alleges that Shortall was more concerned with commission earnings than the fiduciary duties owed to these investors. The claimants are also contending that Moloney Securities was beyond complacent in its supervision of this broker and the products it chose to solicit. In their L Bond loss recovery claim, the Illinois family is also alleging unsuitability, misrepresentations and omissions, and overconcentration involving these illiquid junk bonds.

Our clients are accusing Shortal of completely disregarding their wishes by soliciting the problematic L Bonds to them even after they made it clear that they needed to save their money and were not interested in taking on any undue risk. They contend that this Moloney Securities broker claimed these were highly stable investments when, in fact, issuer GWG Holdings is now accused of ruining a more than $1.6B Ponzi scam.

Despite the red flags indicating the alternative asset firm was in trouble, Moloney Securities and dozens of other regional brokerage firms allegedly continued to have their brokers market and sell L Bonds to investors. Now, these Illinois investors are looking at a total loss of principal, which has destabilized their family’s future financial security while resoundingly impacting their retirement.

As for Shortal, who has been a broker for over 30 years, his CRD notes at least four customer disputes filed involving him since 2023. One ended in a five-figure settlement. Three others—all seeking up to six-figures in damages—allege unsuitability and negligence.

This is not the first GWG L bond lawsuit that Shepherd Smith Edwards and Kantas has filed on behalf of investors against Moloney Securities.

If Your Moloney Securities Broker Sold You L Bonds, Why Hire Our L Bond Fraud Lawyers?

If you are an investor who suffered losses in GWG while working with a Moloney Securities financial advisor, Our L Bond lawyers can help you explore your legal options and determine whether you have grounds for a claim. Because we are already representing other GWG investors against this broker-dealer, if we decide to work together you will become part of our unit of claims against this brokerage firm. Trust us when we tell you that it is to your benefit to be represented by a knowledgeable securities firm that is well-versed in your particular investment loss and why a broker-dealer should be held liable.

By now, the legal team for Moloney Securities and other brokerage firms know who we are and that when we are representing an investor they have to take our client’s claims seriously. Not only are we well-respected by our peers and opposing counsel, but, over the decades, through our hard work and efforts more than 90% of our clients have secured full or partial financial recovery.

Contact Our L Bond Fraud Lawyers About Your GWG Losses Today

Call (800) 259-9010 or fill out this form.