On March 25, 2022, according to FINRA’s BrokerCheck, a Financial Industry Regulatory Authority (FINRA) arbitration claim was filed against Center Street Securities and broker, Joseph Martin LaTour. The “Customer Dispute” is pending with allegations of, “unsuitable and illiquid.” The damage amount requested is $500,000.00.
Joseph Martin LaTour has been registered as a broker with Center Street Securities in Springfield, Missouri, since October 10, 2012. He is also registered as an investment advisor with Latour Asset Management, also of Springfield, since September 10, 2014.
According to the FINRA claim, the Claimants, who are retired, are alleging Joseph Martin LaTour recommended GWG Holdings L Bonds to the Claimants who had allegedly been seeking low-risk, and stable investments. Center Street Securities and broker, Joseph Martin LaTour also allegedly recommended other risky non-traded investments. These included non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs).
The Claimants are alleging: unsuitability, failure to supervise, misrepresentations and omissions, as well as negligence.
In April of 2022, GWG Holdings, Inc. filed for Chapter 11 Bankruptcy protection which could potentially wipe out a major portion of the Claimant’s investment. Investors of GWG Holdings have lost millions. GWG Holdings defaulted in February of 2022 on the $3.25M principal payments and $10.35M in interest owed to investors. L Bonds carry significant risks and are not suitable for all investors, especially those investors with low-risk tolerances, conservative investment objectives, or liquidity needs.
It was reported that GWG Holdings, stated in prospectuses that: "Investing in our L Bonds may be considered speculative and involves a high degree of risk, including the risk of losing your entire investment."
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Joseph Martin LaTour (Joe Latour CRD#: 4436861) has been in the securities industry for 13 years and has 3 Disclosures on his FINRA CRD report. Two are “Regulatory,” and the pending “Customer Dispute." Latour has been listed with 4 firms.
If you’ve experienced financial losses in GWG L Bonds due to the actions or recommendations of broker/financial advisor JOSEPH MARTIN LATOUR, currently registered with, Center Street Securities and Latour Asset Management LLC, both of Springfield, Missouri, 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 and represents clients nationwide before FINRA.