DAVID K GRIFFITH of LIFEMARK SECURITIES CORP

Soreide Law Group has been handling cases related to LIFEMARK SECURITIES CORP and awards in favor of the clients have been announced. Several investors have contacted us regarding the alleged sale of GWG L-bonds. Approximately $1.6 billion in GWG L bonds have been sold over the past ten years by over 40 broker/dealers. GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court on April 20, 2022.

It was brought to our attention that LIFEMARK SECURITIES CORP broker/investment advisor, DAVID KRISTOPHER GRIFFITH (DAVID K GRIFFITH), has 4 “Customer Disputes” listed on his FINRA CRD report. The significance of Griffith’s disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, DAVID K GRIFFITH’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DAVID K GRIFFITH, has been registered with LIFEMARK SECURITIES CORP of Utica, New York, as a broker since 5/12/2015 and as an investment advisor since 10/2/2015.  Griffith has 25 years of experience in the securities industry and has been listed with 6 firms.  The 4 “Customer Complaints” listed on DAVID K GRIFFITH’s FINRA CRD report are pending.

On 12/16/2024, there was a “Customer Dispute” filed against DAVID K GRIFFITH requesting $50,000.00.  The allegations are, “Client's allegations pertain to an unsolicited investment in an alternative product, representing a small component of this client's broader overall diversified portfolio. Advisor David K. Griffith did not recommend the product to the client. Instead, the client, an investor who embraced significant risk, asked Advisor Griffith to make this investment on his behalf. The client was advised of the risks inherent in the investment and signed acknowledgment forms to that effect. The investment was made in October 2020, and the client received several months of interest payments before the issuer filed Chapter 11 bankruptcy. The client's allegations include claims of unsuitable investment practices, misrepresentation, negligence, breach of fiduciary duty, and breach of contract. LifeMark maintains the transactions giving rise to the client's allegations were suitable and appropriate based on the information available at the time, including the characteristics of the investment product and the client's financial situation, risk tolerance, and objectives as represented by the client.”

There is another dispute filed on 10/28/2024 against DAVID K GRIFFITH requesting damages of $265,000.00.  The allegations are, “Allegations pertain to an investment in an alternative product intended to be a small component of a larger diversified portfolio. Investment was purchased in 02/2020. Unfortunately, the company that sold the investment has since filed Chapter 11 bankruptcy. Allegations include an unsuitable recommendation, failure to perform due diligence, negligence, and material misrepresentation. LifeMark believes this to be a suitable and appropriate transaction given the information available at the time of the transaction, concerning the investment product as well as the client's financials, risk tolerance, and objectives as represented by the client.”

A “Customer Dispute” was filed against Griffith 3/18/2024 requesting $100,001.00 in damages.  The allegations are listed as, “Allegations pertain to an investment in an alternative product, intended to be a small component of a larger diversified portfolio. Investments were purchased from 03/2020 to 12/2020. Unfortunately, the company that issued the investment has since filed Chapter 11 bankruptcy. As a result, the clients are alleging failure to perform due diligence, material misrepresentation, negligence, and an unsuitable recommendation.”

The dispute filed against DAVID K GRIFFITH dated 11/28/2023 is requesting damages of $150,000.00. The allegations are, “Allegations pertain to an investment in an alternative product, intended to be a small component of a larger diversified portfolio. Unfortunately, the company that issued the investment has since filed Chapter 11 bankruptcy. As a result, the clients are alleging negligence, breach of fiduciary duty, breach of contract, and unjust enrichment. Clients purchased the alternative product between February 2020 to March of 2021.”

To discuss this article or any other securities issues, such losses from the sale of GWG L-bonds, contact Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee if no recovery.