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GWG L Bond Complaints Continue for California Broker-Dealer

Marc D. Fitapelli, MDF Law

Marc D. Fitapelli, MDF Law

MDF Law continues to file individual FINRA arbitrations against Western International Securities.

Call me at 800-767-8040 to learn why so many investors decided to trust us with their case.”
— Marc D. Fitapelli, Esq.
SAN DIEGO, CA, USA, November 1, 2022 / -- MDF Law announces two new GWG L Bond arbitrations filed before the Financial Industry Regulatory Authority, or FINRA, against Western International Securities. The cases involve brokers Daniel Beech (CRD 6169844) and Fariba Madison (CRD 1178259). Neither Mr. Beech nor Ms. Madison were named personally in the new filings. The new complaints are FINRA case number 22-02474 and 22-02475. The investors in both cases are seeking a return of principal, interest, attorneys’ fees, and punitive damages. The arbitrations were filed in Los Angeles and San Diego, California.

GWG L Bonds were high risk investments offered by a Texas company called GWG Holdings, Inc. The investments were illiquid and only suitable for customers with significant financial resources. On April 20, 2022, GWG Holdings filed for bankruptcy in the Northern District of Texas. Shortly thereafter, on June 16, 2022, the Securities and Exchange Commission filed a complaint against Western International Securities related to the marketing of L bonds to elderly investors. In that complaint, the Securities and Exchange Commission accused Western International Securities and its salespeople of the following:

• Failing to know or intentionally disregarding the risks associated with L bonds.

• Brokers at Western International “did nothing to educate themselves” about the risks associated with GWG L Bonds and “erroneously assumed” the investments were profitable.

• The chief compliance officer of Western did not provide the third-party due diligence report concerning GWG Holdings to any other registered representative, supervisor or compliance person.

• Finally, and most concerning, the SEC alleged that Western “did not restrict the sale of L bonds to customers with certain risk profiled or investment objectives.”

The lawsuit the Securities and Exchange Commission filed against Western seeks a civil penalty, which will not be paid to investors. Investors should understand that the SEC is not seeking restitution on their behalf. This means that investors must file their own individual lawsuits to seek money damages against Western. These lawsuits are normally filed as arbitrations before the Financial Industry Regulatory Authority, or FINRA. Investors who file these claims can seek a full return of their principal, interest, attorneys’ fees and punitive damages.

GWG L bond complaints continue to be a significant problem for Western. Prior to the recent filings, on June 17, 2022, MDF Law announced it filed an arbitration complaint against Western International before FINRA involving Daniel Beech. Following that filing, on August 4, 2022, MDF Law announced that it filed another arbitration against Western, this one involving Fariba Madison. Like the new cases, neither Mr. Beech nor Ms. Madison were named personally in the prior filings. More information about Mr. Beech and Ms. Madison, including details about the complaints that are pending against them can be accessed through FINRA’s BrokerCheck tool.

MDF Law represents dozens of GWG L bond investors in individual arbitration cases throughout the United States. Collectively, the firm’s clients have lost more than $10 million investing in GWG Holdings. If you invested in GWG holdings and want to know if you are eligible to file an arbitration, please visit or call 800-767-8040. Please ask to speak with attorneys Marc Fitapelli or Jeffrey Saxon.


28 Liberty Street, 30th Floor
New York, New York 10005
Tel- 800-767-8040

Marc Fitapelli
+1 800-768-8040
email us here

Understanding the SEC's Case Against Western International