Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
DH HILL SECURITIES, LLLP, and a former registered representative (Respondents).
The Claimants are a married couple living in Nebraska. The husband is retired and his wife is currently employed. The lawsuit states that the Claimants became clients of DH HILL SECURITIES, and one of their former registered representatives, on or about 2019 after receiving a mailer concerning retirement planning. The lawsuit alleges that the Respondents knew the Claimants had a conservative risk tolerance and were looking for safe income producing investments without risk of loss to their principal.
According to the lawsuit, the Respondents recommended the sale of approximately $250,000 of GWG L bonds in December of 2020 with a maturity in 2025. Allegedly, DH HILL SECURITIES and their registered representative failed to warn the Claimants of the risks and the dramatic changes to GWG Holdings that ultimately resulted in its bankruptcy just a little over two years after the sale.
On April 20th, 2022, GWG Holdings filed Chapter 11 bankruptcy which will wipe out a significant portion of the Claimant’s ear marked retirement savings. On December 2021, GWG Holdings failed to make their January 15th, 2022 interest payment of $10,350,000 and their $3,250,000 principal payment on their “L” bonds. The lawsuit alleges that the Respondents chose to ignore this red flag and did not attempt to liquidate any of the Claimants’ GWG bonds. The lawsuit states that it was unsuitable to concentrate so much of the Claimant’s retirement funds into one high-risk unrated junk bonds.
The lawsuit alleges, DH HILL SECURITIES, LLLP, and their former registered representative's actions have caused damages to the Claimant of approximately $250,000.00. The lawsuit is claiming, negligence, breach of fiduciary duty, negligent supervision.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, the former registered representative, has been in the securities industry for 17 years and has been listed with 7 firms. He was listed with DH HILL ADVISORS, INC. of Lincoln, Nebraska, as a financial advisor from 01/08/2015 - 07/05/2023, and as a broker with DH HILL SECURITIES from 01/02/2015 - 07/05/2023.
Contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding this article or other securities issues at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
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