SSEK Law Firm Is Representing More Investors with GWG L Bond Claims Against Centaurus Financial
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:
- An Arizona investor who worked with ex-Centaurus Financial registered representative Otto Bohon, also of Catalina Financial (Formerly Modern Wealth Management). We had previously filed an L Bond claim against Centaurus involving a different former client of Bohon’s.
- Two California investors are looking to save for retirement. Their Centaurus financial advisor was formerly registered representative Deborah Sue Anderson, also of Anderson Financial Management Group, in Redlands, CA.
- A military veteran in New Mexico requests up to $500K in damages after Centaurus Financial broker Steven LaMar Nielsen of Nielsen Wealth Management Group in Tempeh, AZ, allegedly sold him L bonds.
- An older North Dakota retiree is also pursuing up to $500K in damages after ex-Centaurus registered representative Gary Lee Sauve allegedly unsuitably recommended GWG L Bonds. Sauve has been affiliated with Financial Network Investment Corp. in Bismarck, ND.
These former and current Centaurus brokers may have marketed and sold these risky, speculative, illiquid junk bonds to other investors. Even if they did so through the registered investment adviser firms with which they are affiliated, this was because they were or still are Centaurus Financial registered representatives.
Centaurus is one of more than 140 regional brokerage firms that earned high commissions and fees from their sale of $1.6B of L Bonds issued by GWG Holdings, Inc. Our GWG L Bond investment loss attorneys and bond loss lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing investors all over the US against this broker-dealer and other firms in FINRA arbitration.
What Should You Know About GWG L Bonds?
These life settlement-backed bonds were issued by alternative asset firm GWG Holdings, Inc., which defaulted on $13.6M in payments and interest it owed investors in early 2022. The alternative asset firm then proceeded to file for Chapter 11 bankruptcy protection. However, as an investor, your chances of obtaining full financial recovery for your L Bond losses through this bankruptcy case are unlikely, so you must file your own FINRA arbitration claim against your broker-dealer.
L Bonds are high-risk private placements that are unlisted, not tradeable, callable (meaning GWG could buy back the bonds at any time without penalty and at a loss to investors), cannot be offloaded early, barring death, insolvency, or disability and only with a 6% penalty, and auto-renewable. Yet many broker-dealers, including Centaurus, allegedly misrepresented GWG L Bonds as safe, low-risk investments and purportedly never apprised investors of the financial problems the company started to undergo a few years back or of the Ponzi-like nature of bond repayments.
At one point in 2018, the money from L Bonds sales allegedly went toward GWG Chairman Brad Heppner’s own Beneficient Company Group instead of into life insurance policies. To learn more, visit GWG Holdings, Inc. and GWG Holdings L Bonds.
Skilled L Bond Loss Attorneys Representing Investors Against Centaurus Financial
In their FINRA arbitration claims against Centaurus, our clients are accusing the firm’s brokers of unsuitability, negligence, misrepresentations and omissions, investor fraud, failure to supervise, and breach of fiduciary duty. Centaurus may have allegedly placed their profits through commissions and fees over investors’ best interests.
How Do You Recover Losses in L Bonds?
For over thirty years, SSEK Law Firm has been fighting for investors, and we have successfully recovered millions of dollars on behalf of thousands of claimants. If you are an L Bond investor that would like to explore your legal options, call our GWG L Bond investment loss lawyers at (800) 259-9010 today.
Click here to learn how you recover your losses in L bonds.