Chicago, Illinois Jan 24, 2022 (Issuewire.com) - The White Law Group is currently representing investors in claims against broker-dealers involving allegations of unsuitable recommendations of GWG L Bonds.
GWG Holdings finances its portfolio of life insurance assets through the sale of “L Bonds,” an alternative investment product. The company has reportedly raised over $1 billion from accredited investors through investments in the company’s L Bonds (Liquidity Bonds).
The White Law Group is receiving numerous calls from investors who did not receive their monthly distribution payments last week.
According to filings with the SEC, GWG failed to make the January 15, 2022 interest payment of approximately $10.35 million and principal payments of approximately $3.25 million with respect to its L Bonds. If the company fails to make the payments in the next 30 days it will result in default, according to the filing.
GWG Holdings has reportedly failed again to file financials with the SEC, leaving investors wondering what is going on with their money. After failing to timely file its 2020 annual report, GWG suspended its offering of L Bonds. Further, several members of the Board of Directors reportedly resigned in the second quarter of 2021.
If an investment firm makes unsuitable recommendations and breaches its fiduciary duties it may be held liable for investment losses.
"Your broker has a duty to conduct a reasonable investigation to make sure it is suitable for you. They must consider your age, financial situation, current, and future needs, investment objectives, and tax status," according to D. Daxton White, managing partner of The White Law Group.
"If your broker recommended investing in GWG L Bonds and fails to satisfy its duties, this could constitute a violation of the antifraud provisions as well as other federal securities laws."
If you suffered losses investing with GWG Holdings Inc., please contact The White Law Group at (888)637-5510 for a free consultation with a securities attorney.
The firm represents investors in all fifty states through FINRA arbitration claims against their brokerage firm and financial advisors.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois, and Seattle Washington.
Media Contact
Renae Carter info@whitesecuritieslaw.com 18886375510 125 S. Wacker Dr., Suite 300 https://www.whitesecuritieslaw.com
