Did your Newbridge Securities broker recommend investing in GWG L Bonds?
Have you suffered financial losses involving GWG L Bonds with Newbridge Securities? If so, the securities fraud attorneys at the White Law Group may be able to help you by filing a FINRA Dispute Resolution claim against the firm.
The White Law Group is currently representing investors in claims against their brokerage firms for improper recommendations of GWG L Bonds. The firm is investigating potential investment fraud lawsuits involving Newbridge Securities, one of the many broker dealers who sold GWG L Bonds to retail investors.
GWG Holdings, Inc. and its subsidiaries, GWG Life, LLC and GWG Life USA, LLC, have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas as part of a restructuring process, according to a press release.
GWG filed for Chapter 11 bankruptcy protection after months of uncertainty and disappointment for investors. As we previously reported, GWG failed to make $13.6 million in payments to its bondholders in January of 2022. GWG sent out a notice to investors that it would take at least three to six weeks for the company to identify and consider alternatives. Then, in February 2022, the company officially defaulted on its obligations and announced to investors that it would not be making any interest or maturity payments or accept redemption requests. It provided no timeline for when it might renew any payments or redemptions.
By April 1, 2022, GWG had failed to timely file its annual report with the SEC, marking the third time in the prior four years that GWG had failed to timely file an annual report. The company claims that the failure was due to the resignation of the independent auditor, Grant Thornton, who resigned in December 2021; Grant Thornton had been GWG’s fourth independent auditor since August 2019.
GWG reportedly blames the Securities and Exchange Commission for its recent financial quandary, claiming that by investigating the sales practice of some of the 145 broker-dealer firms that sold the bonds, it harmed GWG’s reputation in the marketplace and prevented it from raising more capital through GWG L bond sales.
To learn more, please see: GWG Holdings Files Chapter 11 Bankruptcy Protection after Missing Interest Payments to Investors.
Newbridge Securities Lawsuits: Help for GWG L Bonds Investors
Broker dealers are required to perform adequate due diligence on all investment recommendations they make. They must ensure that each investment is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.
If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment, they may be liable for investment losses through FINRA arbitration.
Newbridge Securities Corp. (CRD#: 104065/SEC#: 8-52538), based in Boca Raton, FL, is a dually registered broker dealer and investment advisor, according to FINRA. The firm is one of many regional broker-dealers who sold the high-risk L Bonds to investors.
To learn more about Newbridge Securities, please see:
If you suffered losses investing in GWG L Bonds with Newbridge Securities and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.
The Financial Industry Regulatory Authority (FINRA) operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute.
These claims are distinct from the class action filed directly against GWG Holdings and could be pursued concurrently.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. The firm represents investors in FINRA arbitration claims throughout the country.
To learn more about the firm’s representation of GWG investors, please visit FINRA Lawsuit filed against Emerson Equity LLC involving $2.5 Million in GWG Bonds and FINRA Lawsuit filed against G.A. Repple & Company involving GWG L Bonds
Tags: GWG attorney, GWG bondholders lawsuit, GWG holdings lawsuit, GWG L bonds, GWG L Bonds investigation, GWG L Bonds lawsuit, Newbridge Securities complaints, Newbridge Securities GWG, Newbridge Securities L bonds, Newbridge Securities lawsuit Last modified: April 28, 2022