Customers of Barred Centaurus Financial Broker Are Requesting Over $7.4M in Damages
Marc Frederick Korsch, the CEO of NAV Advisors in Sarasota and a former Centaurus Financial registered representative, is reportedly involved in a GWG Holdings L Bond case. A Centaurus Financial investor filed this case. Although not a respondent in the Financial Industry Regulatory Authority (FINRA) arbitration claim, Korsch allegedly unsuitably recommended this risky life settlement-backed bond to the customer.
GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection in April 2022. It sold $1.6B of L Bonds to investors through more than 140 regional brokerage firms and financial advisors. These firms earned high commissions from the transactions. Visit GWG Holdings, Inc. and GWG Holdings L Bonds for more information.
Korsch has 33 disclosures on his CRD. His former customers are seeking more than $7.4M in damages, and not all of their losses involve GWG L Bonds. In December 2021, he was barred from the industry by FINRA.
Our securities lawyers investigated Marc Korsch for unsuitability while he was an Arkadios Capital broker. SSEK Law Firm represents investors in recouping their losses through FINRA arbitration because a broker negligently sold them these illiquid junk bonds. Centaurus has come under scrutiny over allegations that it negligently approved L Bond sales to conservative investors, including elderly retirees.
Former Centaurus Broker is Accused of Concentration, Negligence, and Unsuitability
Since SSEK Law Firm began investigating Marc Korsch in November 2021, the number of disclosures on his CRD has skyrocketed from nineteen to thirty-three. Nineteen of these claims are pending customer disputes in which the claimants are seeking more than $7.4M in damages. Four of the customer complaints have already resulted in settlements.
Some of the allegations against Korsch include:
- Making misrepresentations and omissions
- Unsuitably recommended risky investments that charged high fees
- Breach of fiduciary duty
- Improper asset allocation
Korsch also has $1.28M in tax liens. After leaving Centaurus Financial in early 2021, Korsch spent six months as an Arkadios Capital broker. Other broker-dealers where he used to be registered include Trustmont Financial, Capital Financial Services, Variable Investment Advisors, and Gradient Securities.
Seasoned Broker Misconduct Lawyers
If you suffered losses while working with Marc Korsch and would like to explore your legal options, call SSEK Law Firm at (800) 259-9010 today. You can also contact our Florida broker negligence attorneys at (813) 560-2992.