GWG Holdings L Bond Investor Files FINRA Arbitration Claim Against Emerson Equity LLC for Sales Practice Violations
New York Securities Arbitration Law Firm Iorio Altamirano LLP
A GWG Holdings L Bond investor, represented by securities arbitration law firm Iorio Altamirano LLP, filed a FINRA arbitration claim against Emerson Equity.
GWG Holdings Inc. (NASDAQ:GWGH)
Our investigation has revealed that there were widespread failures by brokers and broker-dealers to fulfill their obligations in connection with the sale of GWG L Bonds to retail investors.”
NEW YORK , NEW YORK, UNITED STATES, February 17, 2022 /EINPresswire.com/ -- On February 16, 2022, a GWG L Bond investor filed a FINRA securities arbitration claim against Emerson Equity LLC to recover damages and losses suffered as a result of Emerson Equity’s alleged unsuitable and misleading recommendation to invest in GWG Holding Inc.’s L Bonds. — August Iorio
The investor, a 64-year-old retired software engineer from California, is represented by New York securities arbitration law firm Iorio Altamirano LLP. His claim (FINRA Case No. 22-00357) alleges that the speculative, high-risk, and illiquid GWG L Bonds were unsuitable for him given his age, retired status, investment objective to preserve capital and earn income, and conservative risk tolerance. The claim also alleges a series of material misrepresentations and omissions made by Emerson Equity broker Tony Barouti connected with the sale of the GWG L Bonds.
Iorio Altamirano LLP, which represents other GWG L Bond investors, is continuing to evaluate potential securities arbitration claims for individuals. The law firm recently published the initial findings of its comprehensive investigation into GWG, and encourages individuals who have purchased L Bonds issued by GWG Holdings, Inc. to contact the firm to review their legal rights. Investors will receive a free case evaluation.
GWG Holdings, Inc. missed interest and principal payments due to GWG L Bond holders on January 15, 2022. The company had a 30-day grace period to fulfill its obligations before entering an official default event. That 30-day grace period expired on February 14, 2022.
In a letter to investors sent out on February 14, 2022, GWG Holdings notified investors that it would not be making monthly interest or maturity payments on its GWG L Bonds, or accept redemption requests, while it continues to identify and evaluate restructuring alternatives with its financial and legal advisors, which will take at least another three to four weeks and may take longer.
As it remains unclear what, if any, future distributions investors of these alternative investment products will receive back, Iorio Altamirano LLP continues to investigate potential claims on behalf of investors.
“Investors can potentially recover investment losses by filing FINRA arbitration claims against broker-dealers that sold GWG L Bonds,” according to attorney Jorge Altamirano, managing partner of Iorio Altamirano LLP.
“Brokers and brokerage firms owe customers certain obligations,” added August Iorio, managing partner of Iorio Altamirano LLP. “Our investigation has revealed that there were widespread failures by brokers and broker-dealers to fulfill their obligations in connection with the sale of GWG L Bonds to retail investors,” according to Mr. Iorio.
What Investors Can Do: GWG L bond investors should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation. The firm will review the terms of investors’ GWG L bond investments at no cost. Customers may be entitled to compensation without paying any out-of-pocket fees or costs through a contingency fee arrangement with securities arbitration law firm Iorio Altamirano LLP. To set up an evaluation, email securities arbitration attorneys August Iorio at august@ia-law.com or Jorge Altamirano at jorge@ia-law.com. Alternatively, you may call the firm toll-free at (855) 430-4010.
About Iorio Altamirano LLP:
Iorio Altamirano LLP is a national securities litigation law firm based in New York, NY. The law firm pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.
August Iorio
Iorio Altamirano LLP
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