best interest

GWG Holdings, Inc. Misses Deadline to File Its 2021 Annual Report with the SEC

Published on: April 1, 2022 | by Iorio Altamirano

**Update: April 20, 2022** GWG Holdings, Inc. has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas. As a result of the bankruptcy filing, all accrued principal and interest payment obligations owed to GWG L Bond investors have been halted as the case proceeds through bankruptcy court. Chapter 11 Bankruptcy cases can take anywhere from 17 months to five years for larger and more complex cases. GWG L Bond investors are encouraged to immediately contact law firm Iorio Altamirano LLP for a free and confidential consultation and to review their legal rights.

**Update: April 4, 2022** According to the Wall Street Journal, GWG Holdings, Inc. is preparing to file for Chapter 11 bankruptcy in the coming days.

Original Post:

GWG L Bond Investor Update: GWG Holdings, Inc. Officially Defaults on Its Obligations to L Bond Investors – February 14, 2022

Published on: February 14, 2022 | by Iorio Altamirano

**Update: April 20, 2022** GWG Holdings, Inc. has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas. As a result of the bankruptcy filing, all accrued principal and interest payment obligations owed to GWG L Bond investors have been halted as the case proceeds through bankruptcy court. Chapter 11 Bankruptcy cases can take anywhere from 17 months to five years for larger and more complex cases. GWG L Bond investors are encouraged to immediately contact law firm Iorio Altamirano LLP for a free and confidential consultation and to review their legal rights.

Original Post:

GWG L Bond Investor Update: GWG Holdings, Inc. Officially Defaults on Its Obligations to L Bond Investors – February 14, 2022

Law Firm Iorio Altamirano LLP Investigating the Sale of GWG L Bonds by Mark Williams, Formerly of Centaurus Financial, Inc.

Published on: February 9, 2022 | by Iorio Altamirano

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.

Investor Alert: Law Firm Iorio Altamirano LLP Investigates the Sale of L Bonds by Centaurus Financial, Inc.

Published on: January 31, 2022 | by Iorio Altamirano

Investor advocate law firm Iorio Altamirano LLP is investigating potential securities arbitration claims against Centaurus Financial, Inc. for its sale of L Bonds issued by GWG Holdings, Inc. Upon information and belief, Centaurus Financial, Inc. was a part of Emerson Equity LLC’s network of broker-dealers who sold the speculative, high-risk, and illiquid “L Bonds” issued by GWG Holdings.

On April 20, 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy. Despite the unwelcomed news, GWG L Bond investors can file individual arbitration claims to recover losses from the brokerage firm that sold them these speculative bonds. Brokerage firms, like Centaurus Financial, Inc., are required to make investment recommendations that are suitable and in the best interest of their customers. Brokerage firms and financial advisors must also disclose all material facts and risks of a security when making a recommendation. When a firm or advisor fails to meet these standards of conduct, they can be held liable for damages.

Firms and brokers are also required to conduct reasonable due diligence on products they offer before recommending them to any clients. There are serious concerns that some broker-dealers failed to understand the material risks and features of GWG L Bonds. For example, in April 2020, Centaurus Financial raised the cap on how much the firm would allow customers to purchase despite GWG’s significant departure from the life settlements business and its foray into a risker alternative asset business, making it a much larger credit risk. The limit was raised from $100,000 to $150,000, or no more than 10% of the customer’s net worth (excluding primary residence), whichever is less. August Iorio, a managing partner of Iorio Altamirano LLP, was recently quoted in Investment News about Centaurus Financials’ remarkable decision.

Law Firm Iorio Altamirano LLP Investigating the Sale of GWG L Bonds by Tony Barouti of Emerson Equity LLC

Published on: January 29, 2022 | by Iorio Altamirano

Prominent securities arbitration law firm Iorio Altamirano LLP is investigating the sales practices of broker Tony Barouti connected with his recommendation of L Bonds issued by GWG Holdings, Inc. to senior and elderly customers. Mr. Barouti is registered as a broker with Emerson Equity LLC in Los Angeles, CA, and is the CEO of Barouti Financial Services, LLC.

Iorio Altamirano LLP has been contacted by numerous senior and elderly retail investors who were recommended and sold GWG’s L Bonds by Mr. Barouti. 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.

Investor Alert: Law Firm Iorio Altamirano LLP Investigates the Sale of L Bonds by Emerson Equity LLC

Published on: January 29, 2022 | by Iorio Altamirano

New York securities arbitration law firm Iorio Altamirano LLP is investigating potential securities arbitration claims against Emerson Equity LLC and its network of broker-dealers for their sale of L Bonds issued by GWG Holdings, Inc. (Nasdaq: GWGH).

On January 15, 2022, GWG Holdings Inc., a company known for selling life-insurance bonds, 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.

GWG’s L Bonds are speculative, high-risk, and illiquid securities that were sold as private placement offerings.

When to Consult a Lawyer After Sustaining Investment Losses

Published on: January 25, 2022 | by Iorio Altamirano

In an annual report more than two decades ago, Warren Buffett dispensed some wise words of knowledge: “You only find out who is swimming naked when the tide goes out.” Reportedly, Mr. Buffett was referring to knowing what risks a company is taking until it faces adverse conditions. Mr. Buffett used the same phrase again in 2008 about the foolishness of large financial institutions exposed by falling home prices.

Mr. Buffett’s words of wisdom can also be applied to investment recommendations made by a financial advisor in a bull market. Almost everyone looks like a genius in a booming market, including financial advisors. However, when the stock market enters into a correction, or something even more dreadful, the real risks of an investment or investment strategy are exposed, often leaving a trail of investment losses in their wake.

Investors who have suffered investment losses due to unsuitable or misleading investment recommendations by brokers or brokerage firms should consult with a lawyer to review their legal rights.

Investors Worried After GWG Holdings Inc.’s “L Bonds” Missed Interest Payments on January 15, 2022

Published on: January 19, 2022 | by Iorio Altamirano

**Update: April 20, 2022** GWG Holdings, Inc. has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas. As a result of the bankruptcy filing, all accrued principal and interest payment obligations owed to GWG L Bond investors have been halted as the case proceeds through bankruptcy court. Chapter 11 Bankruptcy cases can take anywhere from 17 months to five years for larger and more complex cases. Despite the unwelcomed news, investors are not without recourse and are encouraged to contact New York securities arbitration law firm Iorio Altamirano LLP to review their legal rights.

*Update: April 4, 2022** According to the Wall Street Journal, GWG Holdings, Inc. is preparing to file for Chapter 11 bankruptcy in the coming days. The news of GWG’s impending bankruptcy filing is troubling for retail investors who invested significant portions of their life savings into GWG L Bonds. Investment News has reported that one anonymous GWG L bond investor estimates that the GWG L Bonds would be worth 20 to 30 cents on the dollar if GWG files for bankruptcy.

**Update: April 1, 2022** GWG Holdings, Inc. was unable to timely file its 2021 annual report with the United States Securities and Exchange Commission (“SEC”). GWG Holdings, Inc. has now failed to timely file annual reports with the SEC in three of the past four years. To read more, visit our latest blog post: GWG Holdings, Inc. Misses Deadline to File Its 2021 Annual Report with the SEC

GPB Investors Encouraged to File Arbitration Claims in 2022 to Preserve Legal Rights

Published on: January 3, 2022 | by Iorio Altamirano

Investors who purchased GPB funds in 2016 through a broker-dealer need to act now to preserve their legal rights. Failure to file an arbitration claim may prevent recovery of investment losses. Time is running out. GPB investors should act in 2022.

Key Takeaways:

Investors can potentially recover investment losses by filing claims against broker-dealers or investment-advisory firms that sold GPB private placement offerings for large commissions.

The Founder and Former CEO of GPB Capital Now Wants GPB Capital to Pay Legal Fees to Defend Him Against Criminal and Civil Fraud Charges

Published on: December 23, 2021 | by Iorio Altamirano

David Gentile, the disgraced founder and former CEO of GPB Capital Holdings LLC, has sued GPB Capital. Mr. Gentile seeks to make GPB Capital, which an independent court-appointed monitor is now overseeing, cover the legal costs for his defense against criminal and civil securities fraud.

In February 2021, Mr. Gentile was criminally charged with securities fraud, wire fraud, and conspiracy in federal court. The criminal complaint alleged that Mr. Gentile, among others, engaged in a scheme to defraud investors by misrepresenting the source of funds used to make monthly distributions to investors and the amount of revenue generated by two of GPB’s investment funds, GPB Holdings, LP, and GPB Automotive Portfolio, LP.

Separately, the SEC has charged Mr. Gentile, GPB Capital, and related entities with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.