ELIO CHIARELLI JR Complaint Over GWG L Bonds

ELIO CHIARELLI JR (ELIO CHIARELLI) CRD#: 5824081, a financial advisor from Gainesville, Florida, had a “Customer Dispute” filed against him recently, which is pending, involving GWG L bonds.  According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Chiarelli is currently listed as a financial advisor with BISON WEALTH, LLC, doing business as CAPITAL DEFENDER ADVISORS, of Gainesville, Florida. He was previously listed as a broker from 02/21/2012 - 03/31/2023 with INDEPENDENT FINANCIAL PARTNERS (IFP) of Gainesville, Florida.

According to FINRA’s BrokerCheck, the complaint filed against ELIO CHIARELLI JR, alleges, “Customer filed a FINRA arbitration claim received by the firm on Dec 20, 2022. The claim alleges failure to conduct adequate due diligence, misrepresentation of the investment's safety, failure to adequately disclose the risk surrounding an investment in the product and unsuitability. The subject investment has filed for Federal Bankruptcy protection under Chapter 11 (re-organization). Internal investigation of facts surrounding allegations was completed on Jan 20th 2022 noting that due diligence was performed, the associated risk complained of was appropriately reflected both in person and via documentation provided to and signed for the client. Customer is requesting an unspecified award for compensatory damages, interest at statutory legal rate since purchase and unspecified punitive damages. Ascertainment of any alleged actual damages is impossible until re-organization of GWG under Chapter 11 proceedings is completed. Both firm and representative deny the claim(s) and intend to rigorously contest the matter.”  The damages requested are $200,000.00.

FINRA’s BrokerCheck lists Chiarelli as having 12 years of experience in the securities industry and has been listed with 2 firms.

According to an article in InvestmentNews, the SEC was focused on how GWG sales by advisors at IFP Securities, which has approximately 200 representatives, were made under the new rule of Regulation Best Interest. According to the article the IFP Securities representatives were allegedly looking to increase clients’ exposure to other alternative investments, which typically have high commissions, including structured products.

Soreide Law Group recently filed a $500,000.00 lawsuit against IFP and is currently handling several other GWG L Bond loss cases due to various broker/dealers or financial advisors.  If you were recommended purchasing GWG L Bonds by ELIO CHIARELLI JR currently with Bison Weath (dba Capital Defender Advisors) of Gainesville, Florida, and previously listed with IFP of Gainesville, Florida, and you have suffered financial losses, contact Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment through a FINRA arbitration at:  888-760-6552.

Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.