EDWARD H PRINCE & MOLONEY SECURITIES Lawsuit

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:

MOLONEY SECURITIES CO., INC. and their registered representative, EDWARD H PRINCE. (Respondents)

The Claimants, a married couple, reside in Kansas.  They have been clients of EDWARD H PRINCE since 2012. The lawsuit alleges that the Respondents knew the Claimant’s had a conservative risk tolerance and were looking for safe, income producing investments without risk of loss to their principal.

According to the lawsuit, EDWARD H PRINCE recommended the sale of approximately $140,000 of GWG L bonds on or about January of 2021. PRINCE allegedly failed to warn his clients of the changes to GWG Holdings that ultimately resulted in its bankruptcy. On April 20^th., 2022, GWG Holdings filed Chapter 11 bankruptcy which could cause the Claimant’s to lose approximately 90% of their investment.

In December of 2021, GWG Holdings failed to make their January 15^th,2022, interest payment of $10,350,000 and their $3,250,000 principal payment on their “L” bonds. The lawsuit alleges, the Respondents chose to completely ignore this red flag and allegedly never attempted to liquidate any of the Claimants’ GWG bonds. The lawsuit claims it was unsuitable to concentrate so much of the Claimant’s retirement funds into one high-risk unrated junk bonds.

The lawsuit alleges MOLONEY SECURITIES CO., INC. and their registered representative, EDWARD H PRINCE’s actions have caused damages to the Claimant of approximately $140,000.00. The lawsuit alleges: negligence, negligent supervision, and breach of fiduciary duty.

According to FINRA’s BrokerCheck, available on FINRA’s website to the public, EDWARD H PRINCE has been registered in the securities industry for 19 years and has been with 6 firms.  He has one disclosure on his FINRA CRD report, a “Regulatory” from 2015.

Prince has been listed with the following firm as a broker since 2018:

MOLONEY SECURITIES CO., INC.

Livestock Exchange Building
1600 Genessee Street - Suite 814
KANSAS CITY, MO 64102

If you’ve experienced financial losses due to the recommendations or actions of MOLONEY SECURITIES CO., INC. and/or their registered representative, EDWARD H PRINCE, of Kansas City, Missouri, particularly in GWG L Bonds, contact 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 represents our clients nationwide before FINRA on a contingency fee basis.