Moloney Securities
If you bought L Bonds from GWG Holdings through David LaGrange and Laura Barnes as representatives of Moloney Securities, the Mark Tepper law firm may be able to help you recover your L Bonds investment losses.
The Mark Tepper law firm will represent GWG L Bonds investors in FINRA arbitration claims to recover their investment losses.
Contact us at 954-704-2310 for a confidential consultation at no cost.
Can your stockbroker/advisor recommend securities, like GWG L Bonds without a reasonable basis?
The SEC recently censured and ordered Moloney Securities and two of its brokers David LaGrange and Laura B. Barnes for recommending GWG L Bonds without a reasonable basis and for violating Regulation Best Interests.
The SEC found that with regard to the GWG Holdings L-Bonds: “According to GWG’s disclosures during the Relevant Period (a) L-Bond investments involved a high degree of risk, including the risk of losing an investor’s entire investment: (b) L-Bond investments may be considered speculative: ( c) L-Bond investments were only suitable for investors with substantial financial resources and no need for liquidity in the investment and: (d) GWG would use a portion of the L Bond proceeds to repay existing L-Bond holders.”
GWG Holdings, in November 2021, warned that it may not be able to continue as a going concern.
Despite these red flags, Moloney Securities and their brokers recommended that its clients purchase more than $4 million in L-Bonds.
Are there any other fiduciary standards brokers must follow?
FINRA requires brokers to have a reasonable basis for all of their recommendations. In an arbitration decision involving L Bonds, a FINRA arbitrator suggested that L Bonds may not have been suitable for any investor.
Some states, like Florida also impose a fiduciary duty on brokers. State securities laws also provide for recovery if the broker does not disclose material facts or makes a misrepresentation – like claiming a security is suitable when it is not.
The Mark Tepper law firm can help you recover your losses
The Mark Tepper law firm has a proven track record of success in cases of recovery for investors, including cases involving brokerage firms that failed to supervise unauthorized trading, excessive trading, and unsuitable recommendations in customer accounts.
How to contact an attorney who will fight for the recovery of your losses?
If you have an investment account that has GWG Holdings L Bonds and/or other non-traded or speculative securities and have questions about unsuitable trading and/or losses in your account, you can get a FREE evaluation of your claim by emailing attorney Mark Tepper at askmark@marktepper.com, or telephone him at 954-704-2310.