There is Still Time To Try To Recover Your GWG L Bond Losses
California Brokers From Expelled Firm Ordered To Pay More Than $1M To Investor
A Financial Industry Regulatory Authority (FINRA) arbitration panel recently awarded over $1 million in damage to a GWG L Bond investor. The three respondents in the case were all former financial advisors at the now-expelled broker-dealer Accelerated Capital Group in Costa Mesa, CA. Two of them, Michael Barrows and Eric Ludovico, were ordered to pay the award. (They are now registered M Stevens Securities brokers in Irvine, CA.)
More than $1.6M of these high-risk junk bonds were sold to thousands of investors by dozens of US brokerage firms. These same investors were left in the lurch after GWG Holdings went bankrupt last year. The alternative asset firm is now accused of operating a mass Ponzi scam. This has resulted in a flurry of FINRA lawsuits against brokerage firms and their registered representatives by claimants seeking to recover their losses.
Many financial advisors, such as Barrows and Ludovico, have countered that they couldn’t have possibly foreseen the problems at GWG. Considering thought that the company had been in trouble for some time, and at some point, the money from these high-risk bonds was being redirected by GWG Holding’s Chairman Brad Heppner to his The Beneficient Company Group without investors’ knowledge, financial advisors and their brokerage firms had a duty to conduct better due diligence into such issues and protect their clients from financial harm.
How Can Our L Bond Loss Lawyers Help?
Shepherd Smith Edwards and Kantas (investorlawyers.com) are representing many investors in pursuing damages from the brokerage firms that allegedly unsuitably marketed and sold GWG L bonds to customers, failed to properly discern and apprise investors of the risks, and concentrated clients’ accounts with this alternative investment.
These broker-dealers made a lot of money in commissions and fees from selling these high-risk junk bonds to investors who are the ones left with serious investment losses. Many of those who suffered financial harm are seniors, retirees, and retail investors who should have never been involved in speculative, high-risk, illiquid investments to begin with.
When you work with us, you become part of our unit of GWG L Bond lawsuits represented by our entire firm of savvy L Bond Loss Lawyers, legal assistants, consultants, and others. We are well-versed in how these investments failed and why brokerage firms should be held accountable.
Not only that but also our junk bond fraud attorneys have more than 100 years of combined experience working in securities law and the securities industry. We bring all of our knowledge, skills, and savvy to each case and have represented clients in over 1000 matters in arbitration, negotiation, mediation, and litigation. More than 90% of investors have received full or partial financial recovery with our help.
How To Contact Our Dedicated GWG L Bond Loss Lawyers:
Waiting for the regulatory and bankruptcy proceedings against GWG Holdings to conclude could take years. The chance of full recovery of your losses from either is highly unlikely.