GWG L Bonds

Our GWG L Bond Loss Lawyers at SSEK Law Firm Continue to Pursue Brokerage Firms for Investment Fraud

Published on: September 9, 2022 | by Shepherd Smith Edwards & Kantas, LLP

What You Should Know if You Invested in GWG L Bonds

If you are someone whose financial advisor recommended that you invest in GWG Holdings L Bonds, by now you likely know that the alternative asset firm has filed for Chapter 11 bankruptcy protection despite owing you and thousands of other investors millions of dollars in payments and interest. Visit GWG Holdings, Inc. and GWG L Bonds for more information.

You should also know that the chances of you obtaining a full financial recovery from any bankruptcy proceedings are highly unlikely. This is why you should immediately contact our seasoned security fraud lawyers to find out whether it makes sense to pursue a claim against the brokerage firm that sold you L Bond private placements.

SSEK Law Firm Is Representing More Investors with GWG L Bond Claims Against Centaurus Financial

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

Retail Customers Are Each Requesting Up to Six Figures in Damages for Their Losses

Our GWG L Bond loss attorneys continue to file Financial Industry Regulatory Authority (FINRA) arbitration claims against Centaurus Financial because its affiliated brokers unsuitably marketed and sold L Bond to customers, including inexperienced investors and retirees.

Here are the recent claimants and the Centaurus brokers involved:

Former Clarity Capital Partners’ Kyle Chapman in Newport Beach Sold GWG L Bonds to Retail Customers

Published on: August 22, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Irvine, CA Claimants Are Pursuing Up To $500K in Damages from American Trust Investment Services

Three Southern California investors have filed a six-figure Financial Industry Regulatory Authority (FINRA) arbitration claim against broker-dealer American Trust Investment Services over their GWG L Bond losses. The claimants, who are related, worked with former broker Kyle William Chapman, who was a registered investment adviser with Clarity Capital Partners in Newport Beach until July 2022.

Our L Bond loss attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent these claimants in FINRA arbitration. A panel of three arbitrators in Los Angeles will hear their case.

Investors Who Worked with NI Advisors Broker Shirley Ank Wong, also of AK Advisors in Daly City, CA, Suffer GWG L Bond Losses

Published on: August 9, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Elderly couple alleges unsuitability and concentration in risky speculative junk bonds

Two San Francisco retirees have filed a $500k Financial Industry Regulatory Authority (FINRA) case against NI Advisors, its President Sui-hock Goy, and broker Shirley Ank Wong. Broker Ank Wong also operates locally as AK Advisors in Daly City, CA. The investors contend they were unsuitably recommended L bonds despite wanting safe, secure investments for their retirement money.

These elderly customers are accusing Wong of using their shared cultural affinity to market these illiquid high-yield bonds to them. She then allegedly proceeded to concentrate $200k of their money in GWG L bonds while earning high commissions in the process.

Marc Cline, formerly of CFG Capital, Allegedly Recommended GWG L bonds to Florida Retirees

Published on: August 8, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants file FINRA arbitration claim against National Securities

Two Florida retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against National Securities Corp. They seek up to six figures in damages for the losses they sustained in GWG Holdings L bonds. The risky, illiquid junk bonds were allegedly recommended to them by former National Securities broker Marc Cline. He operated locally in Florida under the firm name CFG Capital, LLC (Cline Financial Group).

Cline, who’s no longer a registered representative, has fifteen customer disputes listed in his CRD. These were either settled or are still pending.

Following SEC Charges Related To GWG L Bonds, CFP Board Suspends Western International Securities Broker Patrick Egan

Published on: August 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

California investment advisor accused of best interest violations

The Certified Financial Board has suspended Western International Securities financial advisor Patrick Michael Egan from using his CFP designation. The decision comes after the US Securities and the Exchange Commission (SEC) charged him, the broker-dealer, and four other Western International brokers with alleged Regulation Best Interest (Reg BI) violations related to their sale of GWG Holdings L Bonds.

The SEC contends they sold investors these risky, illiquid junk bonds despite the fact these investments were not in the latter’s best interests, given their investing profiles, financial goals, and risk tolerance levels. The CFP Board is the non-profit organization that administers the Certified Financial Planner Certification program.

Centaurus Recommended GWG Holdings L Bonds To Houston Investor Who Was Saving For Retirement

Published on: August 4, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimant files FINRA arbitration claim for up to six figures in damages

A Houston, Texas investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Centaurus Financial after he sustained losses in GWG Holdings L Bonds. These risky junk bonds were unsuitable for this inexperienced retail investor, yet his Centaurus broker allegedly recommended and sold L Bonds to this claimant.

GWG Holdings, Inc., which sold $1.6B of L bonds to investors through brokerage firms like Centaurus, filed for Chapter 11 bankruptcy protection in April 2022. Thousands of investors seek to recover losses in these complex, speculative, and illiquid high-yield bonds.

Ingram Financial Group’s Donna Seymour in Winter Haven Accused of Unsuitably Selling GWG L Bonds To Florida Retirees

Published on: August 2, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants File FINRA Arbitration Claim Against Centaurus Financial

A Florida couple who suffered losses in GWG Holdings L bonds has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Centaurus Financial. In the claim, they are seeking up to six figures in damages for their losses. The investors are retirees and worked with Centaurus broker Donna Maria Seymour, who presents herself as part of IngramFinancial Group in Winter Haven, FL.

The claimants say that they made it clear from the start that they needed to make conservative investments because they were no longer working, had a family history of health issues, and wanted to preserve their finances to support themselves. Instead, Seymour allegedly recommended that they invest in L Bonds, which are risky, speculative, and illiquid.

Former Customers of Newbridge Securities Broker Betsy Whipple Pursue 7-Figure GWG L Bond Claim.

Published on: July 20, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Hiko, Nevada Financial Advisor, BL Whipple Wealth Management, LLC

Three investors have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Newbridge Securities. The claimants seek up to $1M in damages over losses they sustained in GWG L Bonds.

These risky, illiquid junk bonds are from GWG Holdings, Inc., which filed for Chapter 11 bankruptcy protection in April 2022. Newbridge Securities is among the more than 140 regional brokerage firms that earned high commissions from selling L Bonds to customers.

SSEK Law Firm Is Investigating Cabot Lodge Securities Over GWG L Bond Sales

Published on: July 15, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Investors Accuse New York-Based Broker-Dealer of Reg BI Violations

Securities lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm) are looking into claims of losses by investors who were sold GWG Holdings L Bonds by their Cabot Lodge Securities brokers. Cabot Lodge is one of the more than 140 regional brokerage firms that sold high-risk product failures and junk bonds to customers and naive investors. More than a dozen clients were accusing the NY-based brokerage firm of alleged Regulation Best Interest violations when it sold L Bonds to retirees.

GWG Holdings Inc., sold $1.6B of L Bonds, defaulted on $13.6M of payments and interest it owed investors in February 2022. In April 2022, the alternative asset firm filed for Chapter 11 Bankruptcy protection.