Bonds

Law Firm Investigating Dempsey Lord Smith, LLC for the Sale of GWG L Bonds and GPB Capital Funds

Published on: July 14, 2022 | by Iorio Altamirano

Iorio Altamirano LLP, a securities arbitration law firm based in New York, NY, is investigating potential lawsuits and securities arbitration claims against Dempsey Lord Smith, LLC for its sale of L Bonds issued by GWG Holdings, Inc. (GWGH) and limited partnerships created by GPB Capital Holdings, LLC.

On March 21, 2022, the Financial Industry Regulatory Authority (FINRA) ordered Dempsey Lord Smith, LLC (“Dempsey Lord Smith”) to pay nearly $100,000 in monetary fines and restitution for negligently omitting to tell four investors in an offering related to GPB Capital Holdings, LLC (“GPB Capital”) that the issuer failed to timely make required filings with the Securities and Exchange Commission (“SEC”), including filing audited financial statements. In addition, FINRA accused Dempsey Lord Smith of making unsuitable recommendations of GPB Capital securities to four investors. Dempsey Lord Smith consented to the sanctions.

Additionally, upon information and belief, Dempsey Lord Smith was a part of a network of broker-dealers who sold the speculative, high-risk, and illiquid GWG L Bonds. GWG Holdings, Inc., which stopped making interest and maturity payments to GWG L Bond investors in January 2022, filed for Chapter 11 bankruptcy in April 2022. Many GWG L Bond investors are skeptical that they will receive any significant portion of their principal back. Investment News has reported that one anonymous GWG L bond investor estimates that the GWG L Bonds may now be worth 20 to 30 cents on the dollar.

Law Firm Investigating National Securities Corporation for the Sale of GWG L Bonds and GPB Capital Funds

Published on: July 8, 2022 | by Iorio Altamirano

Iorio Altamirano LLP, a securities arbitration law firm based in New York, NY, is investigating potential lawsuits and securities arbitration claims against National Securities Corporation for its sale of L Bonds issued by GWG Holdings, Inc. (GWGH) and limited partnerships created by GPB Capital Holdings, LLC.

On June 23, 2022, the Financial Industry Regulatory Authority (FINRA) ordered National Securities Corporation (“NSC”) to pay nearly $9 million in monetary fines and restitution for violating various SEC, NASD, and FINRA rules, including negligently omitting material facts to retail investors connected with offerings related to GPB Capital Holdings, LLC (“GPB Capital”). NSC consented to the sanctions after FINRA alleged that between April 2018 and July 2018, NSC negligently omitted to tell investors in two offerings related to GPB Capital that the issuers failed to timely make required filings with the Securities and Exchange Commission (“SEC”), including audited financial statements.

Additionally, upon information and belief, National Securities Corporation was a part of a network of broker-dealers who sold the speculative, high-risk, and illiquid GWG L Bonds. GWG Holdings, Inc., which stopped making interest and maturity payments to GWG L Bond investors in January 2022, filed for Chapter 11 bankruptcy in April 2022. Many GWG L Bond investors are skeptical that they will receive any significant portion of their principal back. Investment News has reported that one anonymous GWG L bond investor estimates that the GWG L Bonds may now be worth 20 to 30 cents on the dollar.

GWG L Bond Investor Recovers Losses After Filing a FINRA Arbitration Claim

Published on: June 16, 2022 | by Iorio Altamirano

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 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.

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

Iorio Altamirano LLP Investigates L Bonds offered by GWG Holdings (GWGH)

Published on: July 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating potential claims involving investments in L Bonds offered by GWG Holdings (Nasdaq: GWGH).

On July 26, 2021, GWG Holdings canceled its Combined 2020/2021 Annual Meeting of Stockholders originally convened and adjourned on May 28, 2021.

Prior to this cancellation, on July 7, 2021, Nasdaq warned GWG Holdings that it risked the potential delisting of its stock over the company’s failure to hold an annual meeting of shareholders and file its most recent Forms 10-K and 10-Q on time.