Emerson Equity’s Audited Financial Statement With the SEC Reports Problems Involving Unnamed Offering
Emerson Equity disclosed problems involving an unnamed offering in its yearly audited financial statement with the US Securities and Exchange Commission (SEC). This unnamed offering could potentially cause financial harm to the brokerage firm. The full-service broker-dealer, which works with high net worth individual investors and institutional clients, is the lead seller and underwriter of the L Bonds issued by GWG Holdings, Inc.
In April 2022, GWG Holdings, which sold $1.6B of L Bonds to investors, announced filing for Chapter 11 bankruptcy protection. Emerson Equity is the lead seller of these high-yield bonds. It partnered with more than 140 regional brokerage firms to sell these life settlement-backed bonds to customers.