FINRA Sanctions Former Kingswood Adviser Phillip Anderson Over GWG Complaints
Investors nationwide continue to come forward with GWG complaints after suffering significant financial losses in GWG L Bonds. In one of the latest enforcement actions, FINRA has reportedly sanctioned Phillip Anderson, a former financial advisor with Kingswood Capital Partners, for allegedly recommending these risky, illiquid investments to elderly retail investors.
At The White Law Group, we are investigating potential FINRA arbitration claims involving Anderson and Kingswood Capital Partners on behalf of investors seeking to recover their losses.
FINRA Action: Phillip Anderson and Unsuitable GWG L Bond Sales
According to a Letter of Acceptance, Waiver, and Consent (AWC) published by FINRA in May 2025, Anderson allegedly recommended GWG L Bonds to two senior clients in March 2019. These recommendations reportedly resulted in dangerously high concentrations of their liquid net worth—96% for one client and 35% for the other—being invested in the speculative bonds.
GWG Holdings, the issuer of the L Bonds, was already a financially troubled company at the time. In 2019, it shifted its focus to providing liquidity for illiquid investments. Just a few years later, GWG defaulted on the bonds in January 2022 and filed for bankruptcy in April 2022, leaving investors with steep losses.
Phillip Anderson: FINRA Sanctions
FINRA found that Anderson’s recommendations were unsuitable given the clients’ financial profiles and risk tolerance. He reportedly earned $8,280 in commissions on the transactions.
As part of the settlement, Anderson agreed to:
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A five-month suspension from the securities industry
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A $10,000 fine
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Disgorgement of commissions earned on the GWG sales
Anderson did not admit or deny FINRA’s findings but consented to the sanctions. He voluntarily left Kingswood Capital Partners in June 2023 and has not registered with another broker-dealer since.
About GWG L Bonds
GWG L Bonds were high-yield, illiquid investments allegedly backed by life settlements. Despite being marketed as income-generating products, they carried substantial risk—particularly for retail investors and retirees.
A recent proposed settlement for investors in these bonds would provide just $31.48 per $1,000 bond, or about three cents on the dollar, after fees and expenses. These bonds were sold by over 40 different broker-dealers, raising serious concerns about how they were marketed and to whom.
How The White Law Group Can Help
The White Law Group is a national securities arbitration and investor protection law firm with offices in Chicago and Seattle. We have represented thousands of investors across the country in FINRA arbitration claims against brokerage firms that failed to supervise their brokers or recommended unsuitable investments.
We believe that many investors who purchased GWG L Bonds, including those who worked with Phillip Anderson at Kingswood Capital Partners, may have viable claims for recovery.
Why Choose Us?
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Over 30 years of experience handling complex securities fraud claims
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Contingency-fee representation—you pay nothing unless we recover money for you
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Personalized legal service with a track record of results
If you were sold GWG L Bonds and have suffered losses, you may be entitled to compensation through FINRA arbitration. These claims do not require you to sue GWG Holdings itself—instead, they target the brokerage firms that recommended and sold the bonds.
Contact Us for a Free Consultation
To learn more about how we can help you recover your losses, contact The White Law Group at 888-637-5510 or visit White Law Group.
We are currently reviewing claims involving:
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Phillip Anderson GWG Lawsuits
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Kingswood Capital Partners
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GWG Complaints
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And other broker-dealers who sold GWG L Bonds
