L Bond Loss Recovery Attorneys

More GWG Investors Sue Western International Securities For Up to $5M. Our L Bond Loss Recovery Attorneys Are Representing These Claimants in FINRA Arbitration

A number of investors have joined together to file an investment loss recovery claim against Western International Securities over losses they sustained in GWG L Bonds. The claimants are seeking up to $5M in damages. This is not the first multimillion-dollar case we have filed against this broker-dealer over GWG-related losses.

In this latest FINRA lawsuit, these investors had no experience in private placements, and they trusted Western International Securities to offer them suitable products and conduct the proper due diligence.

Instead, they were the victims of unsuitable investment recommendations, misrepresentations and omissions, due diligence failures, breach of fiduciary duty, negligence, gross negligence, and more. Now, these claimants are looking at a complete loss of the principal they invested.

Shepherd Smith Edwards and Kantas L Bond Loss Recovery Attorneys (investorlawyers.com) are representing these investors in their FINRA lawsuit against Western International Securities. We are also working with many other clients in pursuing damages over L Bond losses from this broker-dealer.

GWG Holdings is now accused of operating a more than $1.6B Ponzi scam. Dozens of regional broker-dealers, including Western International Securities, have come under scrutiny for allegedly unsuitably marketing and selling these high-risk junk bonds that were unlisted, illiquid, and callable.

Supposedly secured by collateral, indenture agreements eviscerated any bondholder rights while limiting their ability to act in the event of insolvency, a failing market, or other adverse situations.

Not only that, but GWG’s only assets were ownership interests in subsidiary companies that they had effectively pledged as collateral to secure financing from lenders to pay for their life insurance policy acquisition business.

In 2018, GWG changed its business model and began investing investors’ money in The Beneficient Company Group. L Bond investors were not made aware of this change. Regulatory and financial issues followed.

Western International Securities Accused of Elder Financial Abuse 

While L Bonds were sold by Emerson Equity, that broker-dealer was allowed to solicit other FINRA firms to sell these investments while sharing the commissions. In total, our clients paid Emerson and Western International Securities up to 8%.

Because GWG scaled the commission according to maturity date, Western had a vested financial interest in selling bonds with the longest maturity dates available to maximize its revenue.

Also, a number of the investors who filed these lawsuits are older investors over the age of 65. There is evidence that Western International Securities may have been aware that its actions involving GWG L Bonds were likely harmful to older adults.

Our L Bond loss recovery lawyers know how to recognize when elder financial abuse by a broker was involved.

Why You Should Hire Trusted L Bond Loss Recovery Attorneys

You want to work with seasoned GWG Ponzi fraud lawyers that understand why this investment failed and the role that broker-dealers played in bringing L Bonds to investors.

Over the past years, we have filed numerous GWG loss recovery claims in FINRA arbitration on behalf of investors. Western International Securities is a respondent in many of these cases, as are other broker-dealers.

When you decide to work with us, you become part of our unit of GWG L Bond lawsuits that are represented by everyone at our securities law firm. This means your case will be able to avail of all of our resources and investigative efforts we have already devoted to claims involving this private placement.

With over a century’s worth of combined experience in securities law and the securities industry, you have the skills, experience, and dedication to maximize your chances for a full recovery.

Call our L Bond Loss Recovery Attorneys at (800) 259-9010 or fill out this form to schedule your free, initial consultation.