Soreide Law Group, based in Florida, has filed a FINRA arbitration on behalf of our client (Claimant) against:
NEWBRIDGE SECURITIES CORPORATION (Newbridge), and their registered representative,
DEAN ROBERT NOWAK (Dean Nowak) (Respondents).
The Claimant is a retiree living in Florida with her husband who is also elderly and retired. The Claimant was looking for safe, income generating investments to sustain her and her husband through retirement that had no risk of loss to her savings. The lawsuit states that the Claimant met Newbridge broker, Dean Nowak, at a retirement planning seminar.
The lawsuit alleges the Respondents, Newbridge and Dean Nowak, placed the Claimant into two new fixed indexed annuities and into one unrated corporate GWG “L” bond. GWG Holdings Inc. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas in April of 2022. The total liabilities for the corporation was approximately $2.1 billion. This could be devastating for GWG investors and could potentially wipe out all of the Claimants “L” bond investment.
The lawsuit also alleges the Respondents also took two fixed indexed income annuities and improperly switched them into new long term 10 year + fixed indexed annuities that are now illiquid and carry high surrender charges. Allegedly, Dean Nowak, also did not exchange the Claimant’s annuities through a 1035 exchange, allegedly trigging a large tax burden for the Claimant.
NEWBRIDGE and their registered representative, Dean Nowak’s actions have caused damages to the Claimant of approximately $100,000.00. The lawsuit is alleging: negligence, breach of fiduciary duty, and negligent supervision. It is assumed the Respondents will deny the allegations.
“L” Bonds are speculative, high-risk, and illiquid securities sold as private placements through many broker/dealers nationwide. The L Bonds were not suitable for investors with low-risk tolerance. GWG sold the L Bonds through broker/dealers, who then sold these products to individual retail investors. Many investors are now experiencing the possibility of losing their investment principle as a result of the GWG bankruptcy filing. Some investors have taken action and are filing securities arbitration claims against the broker/dealer or financial advisor who sold them the investments. Investors have until July 29th, 2022 to file a proof of claim form. Currently, Soreide Law Group, has filed over a dozen claims against various broker/dealers who sold GWG Investments. Investors should pursue all avenues to attempt a recovery of their GWG “L” Bond losses.
According to FINRA’s BrokerCheck, Dean Nowak, has been in the securities industry for 36 years and has 2 disclosures on his FINRA CRD report, both are “Customer Disputes.” The dispute from April 3, 2020 is still pending with allegations of, “Customers allege that Mr. Nowak made misrepresentations and omissions regarding the features and risks of a fixed annuity and a real estate investment trust, including restrictions on liquidity and the applicable time horizon, and that those products were not suitable for the customers.” The damage amount requested is $100,000.00. Nowak denies all allegations. There is also a pending dispute dated May 11, 2022, with allegations of, “Negligence, Breach of Fiduciary Duty, Negligent Supervision.” The damage amount requested is $50,000.00.
DEAN ROBERT NOWAK has been registered with 6 firms and has been listed with the following firm since 8/22/2019:
NEWBRIDGE SECURITIES CORPORATION
301 N. PARK AVENUE, UNIT B
WINTER PARK, FL 32789
Before Newbridge, Dean Nowak was listed with:
05/29/2012 – 08/12/2019 TAYLOR CAPITAL MANAGEMENT – WINTER PARK, FLORIDA
If you’ve experienced losses due to the purchase of GWG L Bonds, or any other product, allegedly recommended by broker, Dean Nowak of NEWBRIDGE SECURITIES CORPORATION, in Winter Park, Florida, contact the Florida-based, Soreide Law Group, and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.