Articles Tagged with Center Street Securities

GWG L Bonds FINRA Arbitration Claim Requests Up to $500K in Damages

A retired couple from Republic, Missouri, has filed a six-figure claim against Center Street Securities over losses sustained in GWG Holdings, Inc. (NASDAQ: GWGH). Both inexperienced investors with health issues, the claimants had entrusted the brokerage firm with keeping their money safe. 

Instead, their Center Street Securities broker Joe Latour, a registered investment advisor with the Latour Financial Group, unsuitably recommended and sold them GWG L Bonds. He did this while neglecting to give a full picture of the risks. Now, these investors are pursuing up to $500K in damages for their losses.

Center Street Securities broker Sean Kelly is accused of defrauding 12 investors, including older retirees and individuals with disabilities of at least $1M through his companies Lion’s Share and Associates, Inc., Lion’s Share Financial of East Cobb, and Lionsshare Tax Services, LLC. The Georgia-based broker is now facing criminal investor fraud charges, as well as parallel civil charges brought by the US Securities and Exchange Commission.

Kelly is a registered broker with Center Street Securities Inc. The SEC contends that Kelly falsely represented himself as both an investment adviser and a broker-dealer. According to his BrokerCheck record, he previously worked with several other firms, including Capital Financial Services and Securities America, and he has worked in the industry for at least 17 years.

The SEC contends that Kelly told investors he would put their money in different kinds of investment products, including real estate funds, annuities, private placements, and investment funds. Instead, he allegedly used investors’ money on his own expenses, including to pay for luxury holidays, Super Bowl tickets, mortgage payments, and to make cash withdrawals. Kelly is accused of telling investors to issue checks to Lion’s Share or a third party instead of to Center Street Securities.

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