L Bond Loss Recovery Lawyers

Retiree Widow Files Six-Figure GWG L Bond Loss Recovery Lawsuit Against Ni Advisors. California Financial Advisor Sui-Hock Goy Is Accused of Negligence And other Misconduct

Shepherd Smith Edwards and Kantas L Bond Loss Recovery Lawyers (investorlawyers.com) are representing another claimant who is suing brokerage firm Ni Advisors over their GWG L Bond losses. This client, an inexperienced investor, is an octogenarian widow.

Also a respondent in the case is Ni Advisors broker and President Sui-Hock Goy. In her FINRA arbitration claim, our retiree client is alleging unsuitable investment recommendations, misrepresentations and omissions, failure to supervise, negligence, and more. She is requesting up to $500K in damages.

This New York retiree worked with now former Ni Advisors broker Li Kelly, who allegedly convinced her to invest all of her liquid assets into the risky GWG L Bonds from GWG Holdings. Given that this investor wanted safety and could not afford to take any undue risks, this was an unsuitable investment recommendation that was misrepresented as safe and low-risk.

At no time was our client notified that GWG Holdings was in bad shape financially despite the abundance of information about this matter that was available to the public. The alternative asset firm, which filed for Chapter 11 bankruptcy protection in 2022, is now accused of running a more than $1.6B Ponzi scam.

Kelly, who is no longer in the industry, likely lacked onsite supervision while working as a registered representative with Ni Advisors, which is run as an office of supervisory jurisdiction. Because brokers at this type of brokerage firm usually receive a hefty payout, Ni Advisors may have encouraged their financial advisors to push high-commission investments like GWG. The broker-dealer had a deal with managing brokerage firm Emerson Equity to sell L Bonds and receive a cut of the commission.

Sui-Hock Goy’s CRD notes 10 disclosures, including a number of customer disputes over GWG L Bond losses that were either settled or remain pending.

Fighting For GWG L Bond Investors and Their Financial Recovery From Brokers and Investment Advisors

Unfortunately, dozens of regional brokerage firms appear to have prioritized the high commissions they could make from selling GWG bonds over the best interests of customers, including many retirees, who ended up sustaining serious losses when the alternative asset firm failed. Our L Bond Loss recovery lawyers are representing many investors in pursuing the damages they are owed because of broker misconduct and negligence.

This is not the kind of alternative investment fraud case that you want to pursue without skilled securities lawyers on your side. At Shepherd Smith Edwards and Kantas, our L Bond Loss Recovery Lawyers understand why GWG failed and the ways in which brokerage firms, investment advisers, and their registered representatives breached their fiduciary duty to investors.

Call (800) 259-9010 or contact us online.