North Dakota Retirees File FINRA Claim Against G.A. Repple & Company Over GWG L Bonds Losses
The White Law Group has filed a FINRA arbitration claim against G.A. Repple & Company on behalf of retirees from North Dakota. According to the Statement of Claim, the firm’s broker allegedly recommended an unsuitable investment in GWG L Bonds. The claimants are seeking damages of $100,000 to $400,000. This is not the first FINRA claim the firm has filed over GWG L Bonds sold through G.A. Repple & Company, and investors who lost money can talk to our FINRA arbitration attorneys about their options.
What the Claim Alleges Against G.A. Repple & Company
The claim alleges the broker recommended GWG L Bonds to retired investors without properly weighing their age, income needs, risk tolerance, or need to access their savings. It also alleges that G.A. Repple & Company, as the FINRA member firm responsible for supervising the broker, failed to stop an unsuitable recommendation to retirees.
About GWG L Bonds
GWG L Bonds were unrated bonds issued by GWG Holdings, Inc., a Dallas-based company, to finance its life insurance settlement business. The bonds were sold to individual investors under SEC-registered offerings. GWG Holdings filed for Chapter 11 bankruptcy on April 20, 2022, after it stopped making payments to bondholders. The bonds were sold as income investments, but they carried a risk of losing the entire investment, a risk many retirees were not prepared to take.
Managing Partner Statement
“We believe there may be other retirees who were sold GWG L Bonds and still don’t realize they have recourse,” said Dax White, managing partner of The White Law Group. “These were unrated bonds tied to a risky business. Many of the people who bought them were counting on that money to live on.”
Can G.A. Repple & Company Be Held Responsible?
Brokerage firms must supervise the recommendations their registered representatives make. If a firm fails to catch an unsuitable sale, it may be liable for the losses that follow, even if a broker made the recommendation. We filed an earlier FINRA claim against G.A. Repple & Company that also involved GWG L Bonds.
Recovering Losses From GWG L Bonds
Investors who were sold unsuitable GWG L Bonds may be able to recover losses through FINRA arbitration. The White Law Group is looking into potential claims for other investors who bought GWG L Bonds through this broker or firm.
Contact The White Law Group
The White Law Group is a team of national securities fraud attorneys with offices in Chicago and Seattle. If you bought GWG L Bonds through G.A. Repple & Company and have losses, call (888) 637-5510 for a free consultation, or contact us online.
Frequently Asked Questions
1. How do I file a claim to recover money I invested in GWG L Bonds through G.A. Repple & Company?
Most brokerage account agreements typically include a pre-dispute arbitration clause, so claims like this usually go through FINRA arbitration instead of court. Many investors don’t know that clause exists, and arbitration can still lead to a monetary recovery.
2. Why were GWG L Bonds a risky investment for retirees?
GWG L Bonds were unrated and carried a risk of losing the entire investment. They also paid on the success of a life insurance settlement business, which most retirees would not expect from a bond.
3. Can G.A. Repple & Company be held responsible for my losses even if it didn’t approve the investment?
Yes, a firm may be liable for failing to supervise its brokers. Firms have a duty to review the recommendations their representatives make, and a lapse in that review can create liability.
