Securities Arbitration Lawyer Blog
New York securities arbitration law firm Iorio Altamirano LLP is investigating the sales practices of broker Mark Williams connected with his recommendation of L Bonds issued by GWG Holdings, Inc. to senior and elderly customers. From November 2015 until March 2021, Mr. Williams was registered as a broker with Centaurus Financial, Inc. in Carmel, CA.
Iorio Altamirano LLP has been contacted by numerous senior and elderly retail investors who were recommended and sold GWG’s L Bonds by Mr. Williams. GWG’s L Bonds are speculative, high-risk, and illiquid securities that were sold as private placement offerings. Brokerage firms received a commission of up to 5% of the principal amount sold.
On January 15, 2022, GWG Holdings Inc. missed interest and principal payments to L bond investors. The company is also reportedly seeking rescue financing in an effort to avoid bankruptcy after facing a series of accounting issues, financial stress, and an SEC investigation. In addition, GWG’s independent auditor resigned at the end of 2021, and the company has disclosed that its 2021 financials are not likely to be completed on time. These are just a few recent developments that have GWG L Bond investors concerned.
GWG L Bonds were likely not suitable for investors with a low-to-moderate tolerance for risk or investors who had liquidity needs.
Investors who purchased the L Bonds offered by GWG Holdings through Mark Williams or Centaurus Financial, Inc. are encouraged to contact Iorio Altamirano LLP for a free and confidential consultation. We can review and analyze potential claims and advise individuals of their legal rights without obligation or cost.
See Also:
GWG L Bond Investors Seek Recourse After GWG Holdings, Inc. Files for Chapter 11 Bankruptcy
Mark John Williams (CRD No. 4061842)
Mark John Williams has 22 years of experience in the securities s industry and has been registered as a broker with the following firms:
- Kingswood Capital Partners, LLC, from November 2021 through the present.
- Forta Financial Group, Inc., from March 2021 until October 2021.
- Centaurus Financial, Inc., from November 2015 through March 2021.
- P. Turner & Company, L.L.C., from November 2007 through October 2015.
- QA3 Financial Corp., from April 2006 through November 2007.
- FSC Securities Corporation, from July 2001 through April 2006.
- Advantage Capital Corporation in July 2001.
- Merrill Lynch, Pierce, Fenner & Smith Incorporated, from January 2000 to June 2001.
According to his public disclosure report, Mr. Williams was the subject of a customer complaint in 2019. A customer alleged that from 2012 through March 2017, Mr. Williams recommended and misrepresented an unsuitable real-estate security. The customer did not file a securities arbitration complaint. Instead, the customer complained directly to the firms that employed Mr. Williams during the relevant time period. The firms, J.P. Turner & Company, L.L.C. and Centaurus Financial, Inc. denied any compensation to the customer. Mr. Williams also denied the allegations.
FINRA’s BrokerCheck tool can be used to obtain Mr. Williams’ complete and updated disclosure reports.
About the L Bonds
An L bond is a specialty high-yield bond created and issued by GWG Holdings.
The L Bonds are speculative, high-risk, and illiquid private placement offerings. They are secured by the assets of GWG Holdings and a pledge of all of the common stock by its largest stockholders.
Brokerage firms are required to make investment recommendations that are in the best interest of their customers. Financial advisors also have an obligation to be truthful and disclose all material facts and risks to customers when making investment recommendations. Firms and brokers are also required to conduct reasonable due diligence of products they offer before recommending them to any clients. Iorio Altamirano LLP is investigating whether Mr. Willaims and Centaurus Financial, Inc. met these obligations in connection with their sale of L Bonds to retail investors.
About Iorio Altamirano LLP
Iorio Altamirano LLP is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
We have nearly 20 years of combined experience as securities arbitration lawyers and have helped investors recover investment losses in over 1,000 cases. Our firm will file a FINRA securities arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.
If you have invested in GWG L Bonds as a result of a recommendation made by Mark Williams or Centaurus Financial, Inc., contact securities arbitration lawyers August Iorio at august@ia-law.com or Jorge Altamirano at jorge@ia-law.com. Alternatively, you may reach the firm by phone toll-free at (855) 430-4010.