Ausdal Financial Partners – Regulatory and Investor Concerns
The White Law Group is reviewing the regulatory history of Ausdal Financial Partners (CRD #7995 / SEC #801-69266, 8-24519), a Davenport, Iowa-based broker-dealer registered with FINRA since 1980. Although the firm reports only two disclosures on its BrokerCheck record (one regulatory event and one arbitration), numerous cases involving former and current Ausdal brokers, particularly those tied to GWG L Bonds, raise concerns about compliance, supervision, and investor protection. Investors who suffered losses may be eligible to recover damages through FINRA arbitration.
GWG L Bonds: Significant Exposure Across Ausdal’s Broker Network
Ausdal Financial Partners was one of the largest sellers of GWG Holdings L Bonds among independent broker-dealers between 2018 and 2022, reportedly receiving at least $1.1 million in commissions and selling approximately $20 million in L Bonds to retail customers. GWG Holdings filed for Chapter 11 bankruptcy in April 2022 after missing millions of dollars in bondholder interest payments, and the L Bonds have since become largely worthless.
Based on public disclosure reports, Ausdal and/or its affiliated brokers have been the subject of at least 26 customer disputes connected to GWG L Bond sales. Of those, roughly 12 remain pending and 14 have settled, with settlements recovering an average of approximately 41% of alleged damages. Brokers named in connection with Ausdal’s GWG L Bond sales include David Geake and Max and Randy Birkinbine, among others.
Max Birkinbine, an Ausdal broker based in North Oaks, Minnesota, faces at least two customer disputes tied to these sales: one filed in January 2024 seeking $500,000 in damages, and a second filed in March 2024 seeking $120,000 and alleging negligent supervision, Regulation Best Interest violations, and unsuitable recommendations involving both GWG L Bonds and Bakken oil and gas investments.
In July 2022, The White Law Group filed a FINRA arbitration claim on behalf of four Illinois families alleging fraud, negligence, breach of fiduciary duty, and negligent supervision tied to unsuitable GWG L Bond recommendations.
Nationally, GWG L Bond investors have had considerable success in FINRA arbitration against the brokerage firms that sold them: as of August 2025, investors had won monetary awards in 18 of 20 (90%) of FINRA arbitration trials involving GWG L Bonds, even as the GWG bankruptcy Wind Down Trust is expected to return only an estimated 2.7% to 3.45% of investors’ original principal through liquidation. For most investors, a FINRA arbitration claim against the selling brokerage firm, separate from the bankruptcy proceeding, remains the primary path to meaningful recovery.
Broker Misconduct and Investor Complaints
Broker-dealers such as Ausdal Financial Partners are legally required to supervise their registered representatives. When brokers engage in misconduct or make unsuitable recommendations, the firm itself may be held liable for investor losses.
Randall Alan Heller – Barred Broker
Randall Alan Heller (CRD#: 1209975), also known as Randy Heller, was barred by FINRA in April 2024. Regulators alleged that Heller impersonated clients in phone calls and later refused to cooperate with FINRA’s investigation. Over his 33-year career, he was registered with nine firms and accumulated three disclosures, including a 2015 unsuitable investment complaint that settled for $15,000.
David Geake – Barred in 2023
In July 2023, FINRA barred former Ausdal broker David Geake for “selling away” and misusing client funds. Allegations included soliciting elderly clients to pledge securities as collateral for a $2.5 million loan, leading to significant losses. Geake has at least 25 customer complaints on record and has also been named in connection with Ausdal’s GWG L Bond sales.
Richard “Guy” Duncan – SEC Fraud Judgment
In 2019, the SEC charged former Ausdal advisor Richard “Guy” Duncan with fraud after he sold over $300,000 in a Turkish investment scheme despite warnings from banks that the investment was likely a scam. A federal court entered final judgment against Duncan in March 2022, permanently enjoining him from violating the antifraud provisions of the Investment Advisers Act and ordering him to pay $104,080 in disgorgement, $14,716 in prejudgment interest, and a $414,366 civil penalty.
Derrick Brauner – Pending Complaint (2026)
Derrick Brauner, currently registered with Ausdal, is the subject of a pending customer complaint filed in May 2026 seeking $400,000 in damages. The complaint alleges unsuitable recommendations, breach of fiduciary duty, negligence, failure to supervise, and misrepresentation involving illiquid alternative investments. The conduct at issue reportedly occurred while Brauner was registered with Moloney Securities, before he moved his registration to Ausdal, though investors researching his current firm affiliation should be aware of the pending matter.
FINRA Disciplinary Actions
- December 2012: FINRA censured and fined Ausdal $25,000 for failing to retain required business-related email correspondence from 2008 through 2011.
These actions, combined with the scale of broker-level GWG L Bond exposure described above, underscore repeated compliance challenges that raise investor protection concerns.
Investor Recovery Options
Investors with losses tied to Ausdal Financial Partners may have options to recover damages.
- FINRA Arbitration – Most brokerage disputes are resolved through FINRA arbitration, which is typically faster and more cost-effective than court litigation.
- Class Action Lawsuits – Often pursued when many investors have smaller claims that would not be economical to arbitrate individually.
How The White Law Group Can Help
The White Law Group is a national securities fraud and investor protection law firm with offices in Chicago, Illinois, and Seattle, Washington. With more than 30 years of experience and over 800 FINRA arbitration cases handled, the firm helps investors nationwide pursue claims against brokerage firms for losses due to fraud, misrepresentation, and failure to supervise.
Free Consultation: If you have suffered investment losses with Ausdal Financial Partners, call The White Law Group at 888-637-5510 for a free consultation.
FAQs – Ausdal Financial Partners
1. Why was Randall Heller barred by FINRA?
FINRA barred Heller in April 2024 after allegations that he impersonated clients during phone calls and refused to provide documents in an investigation.
2. What kinds of investments has Ausdal been linked to?
Ausdal brokers have been tied to risky alternative products, most notably GWG L Bonds, which at least 26 customer disputes have alleged were sold unsuitably, along with other private placements and alternative investments that resulted in significant investor losses.
3. Were Ausdal brokers involved in selling GWG L Bonds?
Yes. Ausdal was one of the largest sellers of GWG L Bonds among independent broker-dealers, and at least 26 customer disputes involving Ausdal-affiliated brokers have been connected to those sales. Investors who purchased GWG L Bonds through Ausdal may still be able to pursue recovery through FINRA arbitration.
4. Can investors recover losses from Ausdal Financial Partners?
Yes. Investors may pursue claims through FINRA arbitration if they experienced losses due to unsuitable recommendations, misrepresentation, or supervisory failures by the firm or its brokers.
