Securities arbitration law firm Iorio Altamirano LLP continues to file and pursue recovery of GWG L Bond losses on behalf of investors following two recent awards issued by FINRA arbitration panels.

In the first award (FINRA Case No. 22-01360), issued on October 30, 2023, a Los Angeles, California arbitration panel granted over $1 million in compensatory damages plus interest to an investor in a case against two former brokers and their supervisor over GWG L Bonds sales in 2018. The panel found for the investor on the basis of negligence, breach of fiduciary duty, and violations of the Securities Exchange Act of 1934.

In the second award (FINRA Case No. 22-01908), issued on November 6, 2023, a Boston, Massachusetts arbitration panel granted over $280,000 in damages and interest to an investor in a case against broker-dealer Ages Financial Services, Ltd. over GWG L Bonds sales in 2018 and 2019. The panel found that the Respondent did not properly inform the investor about the risks and did not discuss alternatives that would have better protected his assets. It also heard testimony that the investor was not properly informed about the degree of risk involved in the investment in GWG.

While the awards are the first significant wins for Claimants before FINRA, they are unlikely to be the last, as more customers file FINRA arbitration claims.

Iorio Altamirano LLP continues to believe that filing individual FINRA arbitration claims offers the best avenue for GWG L Bondholders to obtain a meaningful recovery of their losses.

With an unsustainable business model, GWG depended heavily on the GWG L Bonds it sold to “mom-and-pop” investors for liquidity. Between January 1, 2018, and September 30, 2021, GWG raised about $1.3 billion from retail investors.

GWG sold the L Bonds through a dealer-manager and a network of regional broker-dealers, who pitched the products to individual retail investors. The network of regional broker-dealers sold the L Bonds and shared in the selling commissions.

About Iorio Altamirano LLP

Iorio Altamirano LLP represents dozens of GWG L Bond investors across the country and encourages investors to act now. In light of recent FINRA awards, there is no reason for anyone with meritorious claims to wait to initiate a FINRA arbitration proceeding.

Iorio Altamirano LLP was at the forefront of the investigation into the GWG L Bonds starting in late 2021 and has already helped investors recover over $1 million in losses.

Consistent with the FINRA arbitration panels’ conclusions in the awards, based on the law firm’s investigation, there appears to have been insufficient and inadequate due diligence and training performed by brokerage firms that sold the GWG L Bonds, leading to widespread negligence and misconduct connected with the sale of the GWG L Bonds. Many broker-dealers’ also failed to understand the risks involving GWG Holdings, Inc. and the GWG L Bonds and failed to supervise their brokers and agents. This harmed investors and caused them irreplaceable losses. Iorio Altamirano LLP seeks to hold these firms accountable.

Contact Us

Iorio Altamirano LLP is a nationally recognized securities arbitration law firm representing GWG L Bond investors in arbitration cases against broker-dealers across the country.

GWG L Bond investors should contact securities arbitration law firm Iorio Altamirano LLP to review their legal options. The firm will review the terms of investors’ GWG L Bond investments at no cost and provide a free consultation. 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.

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