Securities Arbitration Lawyer Blog
Iorio Altamirano LLP, a nationally recognized securities arbitration law firm, helps an elderly woman recover her irreplaceable savings invested in GWG L Bonds.
NEW YORK, NY — Iorio Altamirano LLP announces that it has helped a 75-year-old retiree recover the entire amount that she invested in GWG L Bonds that her broker-dealer recommended. The law firm filed a FINRA arbitration claim against the broker-dealer in early March 2022, alleging that the speculative, high-risk, and illiquid GWG L Bonds were unsuitable for the elderly woman, who had no prior investment experience and was living on a fixed income. The claim also alleged that the broker-dealer made material misrepresentations and omissions about the features and risks of the GWG L Bonds and GWG Holdings, Inc., the company that issued the L Bonds. GWG Holdings, Inc. is now in Chapter 11 bankruptcy.
Iorio Altamirano LLP (gwglawyer.com) also represents numerous other investors who have filed individual arbitration claims against the brokerage firm that sold them GWG L Bonds. Collectively, the claims seek to recover over $2.5 million in losses and damages.
GWG sold the L Bonds through Emerson Equity LLC and a network of regional broker-dealers, who pitched the products to individual retail investors. The network of regional broker-dealers who sold L Bonds and shared in the selling commissions included the following firms, as well as other broker-dealers:
- Centaurus Financial, Inc.
- Great Point Capital LLC.
- National Securities Corporation.
- Western International Securities, Inc.
- Aegis Capital, LLC.
- Newbridge Securities Corporation.
- Dempsey Lord Smith, LLC.
- Coastal Equities, Inc.
- International Assets Advisory, LLC.
- Arete Wealth Management, LLC.
- Capital Investment Group, Inc.
- Lifemark Securities, Corp.
- Westpark Capital, Inc.
- Ausdal Financial Partners, Inc.
- Moloney Securities.
- IFP Securities, LLC.
- Center Street Securities.
- Cabot Lodge Securities LLC.
- Kingswood Capital Partners, LLC.
- American Trust Investment Services, Inc.
- Ages Financial Services, LTD.
- Landolt Securities, Inc.
- Intervest International Equities Corporation.
- Titan Securities.
- NI Advisors.
- JRL Capital Corporation.
- The FIG Group, LLC.
- M Stevens Securities, LLC.
Brokerage firms must make investment recommendations that are suitable and in the best interest of their customers. GWG’s L Bonds are speculative, high-risk, and illiquid securities sold as private placement offerings by brokerage firms across the country. The L Bonds were likely not suitable for investors with a low or moderate risk tolerance or investors who had liquidity needs.
Brokerage firms and financial advisors must also disclose all material facts and risks of a security when making a recommendation. During Iorio Altamirano LLP’s investigation, investors informed the firm that they were unaware that GWG significantly changed its business model beginning in 2018 or that GWG used investor capital to pay out high distributions to other GWG L Bond investors in a Ponzi-like scheme.
When a firm or advisor fails to meet these standards of conduct, they can be held liable for damages.
Iorio Altamirano LLP recently published the initial findings of its comprehensive investigation into GWG Holdings and continues to urge individuals who purchased L Bonds issued by GWG Holdings, Inc. to contact the firm to review their legal rights. Investors will receive a free case evaluation.
What Investors Can Do:
GWG L Bond investors should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation. The firm will review the terms of investors’ GWG L Bond investments at no cost. Customers may be entitled to compensation without paying any out-of-pocket fees or costs through a contingency fee arrangement with securities arbitration law firm Iorio Altamirano LLP. To set up an evaluation, email securities arbitration attorneys August Iorio at august@ia-law.com or Jorge Altamirano at jorge@ia-law.com. Alternatively, call the firm toll-free at (855) 430-4010.
About Iorio Altamirano LLP:
Iorio Altamirano LLP is a national securities litigation law firm based in New York, NY. The law firm pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.
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