SSEK Law Firm Represents Texas Retirees in 6-Figure GWG L Bond Claim Against Centaurus Financial
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DALLAS, May 4, 2022 /PRNewswire/ -- Two older investors, both retired and on disability, have filed a FINRA arbitration claim against brokerage firm Centaurus Financial over losses they sustained from purchasing GWG L Bonds.
GWG Holdings, Inc., a Dallas-based alternative asset firm, filed for Chapter 11 bankruptcy in April 2022. Now, this Texas couple are among the many thousands who have been left holding these high-risk, illiquid junk bonds that may not be worth much at all at this point.
Centaurus Persuaded These Inexperienced Investors to Buy Into L Bonds and REITs
The claimants, both conservative and unsophisticated investors, were investing their money through another brokerage firm when they decided to attend a free investing seminar sponsored by Centaurus Financial brokers based out of Tucson, Arizona. Following the event, these financial advisors called them a number of times until they agreed to meet.
The retirees then entrusted $385K of their money to Centaurus Financial, which proceeded to invest most of these assets in illiquid, privately traded products that charged high commissions.
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GWG Holdings L Bonds
GWG Holdings, Inc.
Centaurus Financial also recommended that the retirees invest $270K of their money in CIM and Mackenzie, which are two privately traded real estate investment trusts (REITs). Like GWG's L Bonds, CIM and Mackenzie were unsuitable and too risky for these older investors.
Unfortunately, Centaurus Financial failed to warn the claimants of how risky any of these investments were, or that GWG bond repayments were done in Ponzi-like fashion with the money coming from bonds sold to newer investors. Instead, the firm concentrated the Texas couple's money in these alternative investments despite the couple's directive that their funds be placed only in safe products.
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Centaurus Financial "Padded" Elderly Customers' Net Worth, Investing Goals, and Risk-Tolerance
To be able to invest these retirees in L Bonds and the REITs, Centaurus Financial had to "pad" new account forms to get around compliance issues. This included exaggerating these investors' net worth, investing goals, and risk tolerance levels.
The Centaurus Financial advisors appear to have been self-supervised and with no on-site compliance.
Skilled GWG L Bond Law Firm
SSEK Law Firm is representing several L Bond investors against the brokerage firms that sold them these junk bonds. If you would like us to help you explore your legal options, contact us below:
(800) 259-9010
[email protected]
www.investorlawyers.com
SOURCE Shepherd Smith Edwards & Kantas LLP
GWG Holdings, Inc., a Dallas-based alternative asset firm, filed for Chapter 11 bankruptcy in April 2022. Now, this Texas couple are among the many thousands who have been left holding these high-risk, illiquid junk bonds that may not be worth much at all at this point.
Centaurus Persuaded These Inexperienced Investors to Buy Into L Bonds and REITs
The claimants, both conservative and unsophisticated investors, were investing their money through another brokerage firm when they decided to attend a free investing seminar sponsored by Centaurus Financial brokers based out of Tucson, Arizona. Following the event, these financial advisors called them a number of times until they agreed to meet.
The retirees then entrusted $385K of their money to Centaurus Financial, which proceeded to invest most of these assets in illiquid, privately traded products that charged high commissions.
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GWG Holdings L Bonds
GWG Holdings, Inc.
Centaurus Financial also recommended that the retirees invest $270K of their money in CIM and Mackenzie, which are two privately traded real estate investment trusts (REITs). Like GWG's L Bonds, CIM and Mackenzie were unsuitable and too risky for these older investors.
Unfortunately, Centaurus Financial failed to warn the claimants of how risky any of these investments were, or that GWG bond repayments were done in Ponzi-like fashion with the money coming from bonds sold to newer investors. Instead, the firm concentrated the Texas couple's money in these alternative investments despite the couple's directive that their funds be placed only in safe products.
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Centaurus Financial "Padded" Elderly Customers' Net Worth, Investing Goals, and Risk-Tolerance
To be able to invest these retirees in L Bonds and the REITs, Centaurus Financial had to "pad" new account forms to get around compliance issues. This included exaggerating these investors' net worth, investing goals, and risk tolerance levels.
The Centaurus Financial advisors appear to have been self-supervised and with no on-site compliance.
Skilled GWG L Bond Law Firm
SSEK Law Firm is representing several L Bond investors against the brokerage firms that sold them these junk bonds. If you would like us to help you explore your legal options, contact us below:
(800) 259-9010
[email protected]
www.investorlawyers.com
SOURCE Shepherd Smith Edwards & Kantas LLP
Filed Under: Business
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