GWG L Bond Lawsuit Filed Against Coastal Equities and Jamie Nowakowski

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:

Coastal Equities, Inc., and their former registered representative, Jamie Nowakowski (Respondents). Ms. Nowakowski is no longer with Coastal Equities.

The Claimant lives in Connecticut, works as a cashier, and lives on a fixed income. The Claimant’s husband is a retired truck driver. The lawsuit states that Coastal Equities and their former broker, Jamie Nowakowski, allegedly knew the Claimant was looking for safe investments to generate a stable retirement income. According to the lawsuit, in late 2019 the Claimant rolled over her 401k to the Respondents, and Jamie Nowakowski allegedly recommended two GWG Holdings L bonds.  Allegedly, the Respondents presented it to the Claimant as safer than the stock market with little to no risk.

Coastal Equities and their former broker, Jamie Nowakowski allegedly reiterated on multiple occasions that GWG related investments are safe, secure, and asset backed, and never once mentioned that the company was losing millions of dollars in bad investments and GWG was reliant upon new investor funds to stay afloat.

The Claimant, followed the alleged advice of Coastal Equities and former broker, Jamie Nowakowski and invested $75,000 into two GWG bonds L bonds which was her only investment she made through the Respondents.

On April 20^th, 2022, GWG Holdings filed Chapter 11 bankruptcy which could potentially wipe out a significant portion of the Claimant’s life savings. In December 2021, GWG Holdings failed to make their January 15^th, 2022 interest payment of $10,350,000 and to make their $3,250,000 principal payment on their “L” bonds and Respondents chose to completely ignore this red flag and never attempted to liquidate any of the Claimant’s GWG bonds. The lawsuit states that it was unsuitable to concentrate over $75,000 of Claimant’s investments into high risk unrated bonds.

FINRA requires that every firm has to establish and maintain a system to supervise the activities of each registered representative.  The lawsuit alleges Coastal Equities and their representative’s actions have caused damages to the Claimant of approximately $100,000.00.  

The lawsuit alleges:  negligence, breach of fiduciary duty, and negligent supervision.

According to FINRA’s BrokerCheck, Jamie Theresa Nowakowski, has been in the securities industry for 20 years and has been listed with 8 firms.  She is listed both as a broker and as a financial advisor.  She has been with the following firm since 2/11/2020: Equitable Advisors, LLC. It is anticipated that Respondents Nowakowski and Coastal Equities will deny all allegations in the statement of Claim.  

If you’ve suffered losses in GWG bonds due to the actions or recommendations of Coastal Equities, Inc., and/or their former registered representative, Jamie Nowakowski, or any other broker/dealer, 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 works on a contingency fee basis, no fee if no recovery, and represents our clients nationwide before FINRA.