GWG L Bond Attorneys

Brokers Ting Chen and Donald McKiernan Are Respondents In This FINRA Lawsuit

Shepherd Smith Edwards and Kantas GWG L Bond Attorneys (investorlawyers.com) is representing an elderly Dallas, TX investor in his six-figure GWG investment loss recovery claim against brokerage firm Landolt Securities and its registered representatives Ting Kuo Chen and Donald Trenley McKiernan.

Our Client is a public investor who made it clear from the start that he did not want to invest in any risky investments because of his age and proximity to retirement.

Unfortunately, Landolt Securities and its brokers appear to have disregarded this investor’s wishes and allegedly unsuitably recommended GWG L Bonds, which are high-risk junk bonds and unsuitable for conservative retirees. Not only that, but GWG Holdings’ senior executives are now accused of running a more than $1.6 million Ponzi scam.

In his GWG L Bond lawsuit, this Texas senior investor claims that the broker-dealer and its financial advisors engaged in alleged overconcentration, misrepresentations and omissions of the risks, a failure to supervise, intentional negligence, gross negligence, breach of fiduciary duties, breach of contract, and more. He is seeking up to $500K in damages.

Financial advisor Ting Chien, who has worked for over 30 years in the industry, has two other customer disputes noted in his BrokerCheck CRD. These include another $500K claim over L Bond losses and a private placement case in which the Claimant is requesting more than $1.18M in damages. He has denied allegations of unsuitability and negligence.

Broker Donald McKiernan has worked for 40 years in the industry. McKiernan’s CRD lists two previous customer disputes over GWG Holdings losses. Both resulted in settlements for the claimants.

Our Client is not the only Landolt Securities customer that is suing the brokerage firm over losses they suffered by investing in GWG Holdings.

Why Are GWG Investors Suing Landolt Securities and Other Broker-Dealers?

Thousands of GWG investors, including many retirees, have sustained serious losses in GWG junk bonds. These were risky, illiquid, unlisted, and callable bonds. Anyone who purchased them should have been told that they would be stuck with this investment until maturity or whenever GWG Holdings decided to buy its L Bonds back.

GWG bonds were generally auto-renewed unless the investor notified the alternative asset company in advance of a bond’s maturity that they wanted to get out.

While it was broker-dealer Emerson Equity that sold L bonds, the firm was allowed to have other brokerage firms sell them for a share of the up to 8% in commissions.

In April 2022, GWG Holdings filed for Chapter 11 bankruptcy protection.

Representing GWG L Bond Investors In Recouping Their Losses

Shepherd Smith Edwards and Kantas GWG L Bond Attorneys are representing many investors in their L Bond lawsuits against broker-dealers and their financial advisors. We are highly knowledgeable about the role that these firms played in causing their customers to become involved in this allegedly fraudulent investment.

You want to work with knowledgeable securities lawyers who are already representing other customers who have suffered similar losses. If we decide to work together, you will become part of our unit of GWG fraud lawsuits.

Over the decades, our GWG L Bond Attorneys have helped thousands of investors to collectively recoup many millions of dollars in settlements and awards. Call (800) 259-9010 or fill out this online form to schedule your free initial case consultation.