Articles Tagged with FINRA Arbitrator

GWG L Bonds Unsuitable For “Perhaps Anyone” Declares FINRA Arbitrator. Investor Awarded Almost $100K Against Greenberg Financial Group

The FINRA arbitrator who ordered brokerage firm Greenberg Financial Group and its longtime financial advisor David Michael Sherwood to pay $102K (including damages, fees, and interest) to a claimant called GWG L Bonds “not a suitable investment for the {client} or perhaps anyone.” These high-risk junk bonds, issued by GWG Holdings, were marketed and sold by approximately 40 regional brokers to retail investors, including retirees and seniors, all over the United States.

GWG, which filed for Chapter 11 bankruptcy protection in 2022, is accused of operating a more than $1.6B Ponzi scam. Meanwhile, L Bond investors, who thought they were buying into safe life settlement bonds, have found themselves with significant losses.

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