Investor Lawyers Blog

GWG Managing Broker-Dealer Emerson Equity Reports Possible Financial Woes

Published on: May 30, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Emerson Equity’s Audited Financial Statement With the SEC Reports Problems Involving Unnamed Offering

Emerson Equity disclosed problems involving an unnamed offering in its yearly audited financial statement with the US Securities and Exchange Commission (SEC). This unnamed offering could potentially cause financial harm to the brokerage firm. The full-service broker-dealer, which works with high net worth individual investors and institutional clients, is the lead seller and underwriter of the L Bonds issued by GWG Holdings, Inc.

In April 2022, GWG Holdings, which sold $1.6B of L Bonds to investors, announced filing for Chapter 11 bankruptcy protection. Emerson Equity is the lead seller of these high-yield bonds. It partnered with more than 140 regional brokerage firms to sell these life settlement-backed bonds to customers.

Customer of Morgan Stanley Broker Thomas Bonds Files $5M Unsuitability Case

Published on: May 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Morgan Stanley Broker Thomas Bonds Has Three Investor Claims That Resulted in Settlements

Our broker misconduct attorneys are investigating claims of losses involving current and former customers of Morgan Stanley broker Thomas Craig Bonds. According to his BrokerCheck record, the Kirkland, WA financial advisor has one pending customer dispute. In the investor’s FINRA arbitration claim, the claimant seeks $5M in damages and alleges unsuitability related to how the broker managed their account from April 2015 to September 2021.

Unsuitability generally alleges that actions were taken by the financial advisor that were not a suitable fit for the investor given several factors, including:

Despite Red Flags, Centaurus Financial Allegedly Raised Cap for Selling L Bonds To Customers

Published on: May 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Law Firm is Representing Investors Against Centaurus Financial

In a recent InvestmentNews column, reporter Bruce Kelly discussed how broker-dealers and their financial advisors continued selling L Bonds to customers despite indications of possible troubles at GWG Holdings, Inc. In April 2022, the alternative asset firm filed for Chapter 11 bankruptcy protection.

The firm sold $1.6B in life insurance-backed bonds through over 140 regional brokerage firms and managing broker-dealer Emerson Equity. It is unknown what value these high-yield bonds still have or if they are worth anything at all now. Visit our L Bonds and GWG Holdings, Inc. pages to find out more.

UBS Financial Services Ordered To Pay Yield Enhancement Strategy Customers Almost $4 Million

Published on: May 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Francis Amsler and Marc Lobarde Were the UBS Financial Brokers of Record

A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded a Houston, Texas, couple $3.9 million in their claim against UBS Financial Services (UBS). The couple alleged losses from the firm’s Yield Enhancement Strategy (YES).

Now, UBS must pay these former YES investors almost $4 million to compensate the investors for their losses. This includes $2.9 million in compensatory damages and approximately $1 million in legal fees and other costs.

Kansas City Retiree Files GWG L Bond Claim Against Titan Securities and Rodger Sprouse of Sprouse Financial in Lee’s Summit, MO

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

Claimant Says He Was Never Apprised of the Risks Involved in GWG ‘Junk’ L Bonds

A retired Missouri worker has filed a six-figure Financial Industry Regulatory Authority (FINRA) arbitration claim against Titan Securities and its broker, Rodger Sprouse, over losses sustained in GWG L Bonds. The claimant, who is on disability and was forced to stop working after an injury, is an inexperienced investor.

The claimant contends that Titan Securities and Sprouse allegedly unsuitably recommended these illiquid, speculative junk bonds without fully informing him about the risks. Sprouse is also the owner of Sprouse Financial in Lee’s Summit.

Former UBS Broker Robert Turner in Waco, Texas May Have Stolen Over $17M From Customers

Published on: May 24, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-UBS Financial Services Broker Robert Turner Investigated For Stealing Clients’ Money

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is looking into claims of losses involving former UBS Financial Services broker Robert Earl Turner. Although no longer a registered broker or investment advisor, Turner worked in the industry for 31 years. He spent 25 years at UBS until October 2021. He is accused of stealing money from customers in a scam that allegedly lasted for over two decades.

In late 2021, Turner and his wife joined Stifel, Nicolaus, & Co. She is still with that firm, although Robert left after just several months in early 2022. While at UBS Financial Services, they reportedly oversaw $900M in customer assets and made about $3M in yearly revenue.

Elderly Japanese Investors Pursue Northstar (Bermuda) Claim Against Bankoh and Yoko Farias of Pacific Century Investment Services in Honolulu

Published on: May 24, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Japanese Couple Files FINRA Arbitration Case for Up to $500K in Damages

Two older investors from Japan have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Bankoh Investment Services and its broker Yoko K. Farias in Honolulu, Hawaii, over Northstar Financial Services (Bermuda) losses. This offshore entity is now in liquidation proceedings.

Yoko Farias is also with the firm Pacific Century Investment Services. She has been named by other investors who worked with Bankoh as their registered representative of record that unsuitably recommended and sold Northstar (Bermuda) products to them.

Ex-NPB Financial Group Broker Neal Nakagiri is Facing More Than $700K in Customer Disputes

Published on: May 24, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-NPB Financial Group Advisor Has Six Disputes On BrokerCheck Record

If you suffered losses while working with former NPB Financial Group registered representative Neal Edwin Nakagiri, you might have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages from the firm. Nakagiri, who has worked for four decades in the industry, has been named in at least six customer complaints.

According to his LinkedIn, Nakagiri is President and managing owner of NPB Financial Group. He was also a registered broker and investment advisor with the firm from 2006 until March 2022.

Centaurus Financial Allegedly Unsuitably Recommended GWG Holdings L Bonds, Claims Another Texas Retiree

Published on: May 18, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Independent Broker-Dealer Had Partnered With Emerson Equity to Sell Risky Junk Bonds

Our experienced GWG Holdings L Bonds attorneys represent another investor in Financial Industry Regulatory Authority (FINRA) arbitration against Centaurus Financial. The claimant is a Houston retiree who entrusted his assets to the firm. Now, he is seeking up to six figures in damages.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent investors who a broker-dealer may have unsuitably sold GWG Holding L Bonds. Now that GWG Holdings, Inc. has filed for Chapter 11 Bankruptcy, L Bondholders are scrambling to recoup their losses from these high-yield bonds that may not be worth much, if anything at all, at this point.

SSEK Law Firm Investigates Financial Gravity Family Office Services Adviser Mark Williams in Carmel, CA Over Possible GWG L Bond Sales

Published on: May 18, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Centaurus Financial Broker May Have Unsuitably Sold Risky Junk Bonds to Elderly Investors

Our GWG Holdings L Bond lawyers are looking into claims of L Bond losses by former customers of Mark John Williams, an ex-Centaurus Financial broker. Williams is currently a Kingswood Capital Partners stockbroker and Financial Gravity Family Office Services investment advisor out of Carmel By The Sea, California.

Several of his former customers, including elderly investors and retirees, have complained that he allegedly recommended and sold them GWG L Bonds. These high-yield bonds were too risky, illiquid, and speculative for these investors from the beginning. These contentions appear to be from when he was registered with Centaurus Financial and after with Forta Financial Group.