On April 20th, 2022, GWG Holdings filed Chapter 11 bankruptcy. Investors have until July 29th, 2022 to file a proof of claim form. The link to do so is provided below. Many times in bankruptcy, investors only collect pennies on the dollar. Soreide Law Group represents investors nationwide against financial professionals who sell bad investments. Currently, Soreide Law Group, has filed over a dozen claims against various brokerage firms who sold GWG Investments. Some of those firms we filed against and others we are investigating include:
Aegis Capital, LLC
Arque Capital, Ltd.
Allied Beacon Partners
Arete Wealth Management
Barouti Financial Services
Centaurus Financial, Inc. – FILED
Center Street Securities
Moloney Securities – FILED
National Securities Corporation – FILED
Strategic Financial Partners
Western International Securities, Inc. – FILED
Investors should pursue all avenues to attempt a recovery of their GWG L Bond losses. We would recommend that if you invested more than $50,000 into GWG bonds to not join a class action but to pursue your own claim for recovery against the brokers that sold it to you. Many carry their separate insurance policies at a broker level and a brokerage firm level. The ongoing class action against, is not yet certified and may not result in any meaningful recovery and certainly will not address any other losses you may have sustained with the brokerage firm that sold it to you. Importantly, there is additional uncertainty about potential recovery as there may be limits to GWG’s errors and omissions insurance policy that could cap the damages in the event of a recovery. This is especially relevant as GWG owes $1.6 billion in outstanding L Bonds.
PROOF OF CLAIM LINK
NUMBER TO CALL 888-760-6552 SOREIDE LAW GROUP – to get a FREE consultation from a securities lawyer about pursuing a FINRA arbitration against your financial advisor.