Brokerage Firm Allegedly Pursued Commissions over Customers’ Best Interests
Three Illinois retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Moloney Securities, pursuing up to six figures in damages for bond losses sustained in GWG Holdings L Bonds. The two brokers, Shane Michael DeSherlia and Dale Erbin Timmerman, allegedly unsuitably recommended these risky junk bonds to the retirees. DeSherlia in Jerseyville, Illinois, is a registered investment adviser with Moloney Securities Asset Management, whereas Timmerman is associated with Timmerman & Co. in Vandalia, Illinois.
Our professional L Bond investment loss attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyrs.com) represent these elderly investors in their FINRA arbitration claim against Moloney Securities. An arbitrator will preside over their case in Chicago.