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

NEWBRIDGE SECURITIES CORPORATION,

and their registered representative, KYLE G CORGAN (Respondents).

The Claimants live both in New York and Florida, and are retired.  The lawsuit alleges that the Respondents were aware that the Claimants were looking to protect their retirement savings while generating a stable and safe income. Allegedly, the Respondents, Newbridge Securities and their registered representative, Kyle G Corgan, recommended GWG bonds and presented it to the Claimants as safer than the stock market with little to no risk. According to the lawsuit, the Respondents reiterated on multiple occasions GWG related investments are safe, secure and asset backed and did not mentioned that the company was losing hundreds of millions of dollars in bad investments. GWG was reliant upon new investor funds to stay afloat.

The lawsuit alleges that Kyle G Corgan and Newbridge Securities over concentrated $100,000 of the Claimants irreplaceable retirement savings into GWG. On April 20th, 2022, GWG Holdings filed Chapter 11 bankruptcy which could potentially wipe out a significant portion of the Claimants’ life savings. In December of 2021, GWG Holdings failed to make their January 15th, 2022 interest payment of $10,350,000 and to make their $3,250,000 principal payment on their “L” bonds. The lawsuit alleges that the Respondents chose to ignore this red flag and never attempted to liquidate any of the Claimant’s GWG bonds. According to the lawsuit, it was unsuitable to concentrate over $100,000 of Claimants’ investments into high risk unrated bonds.

The lawsuit alleges:  negligence, breach of fiduciary duty and negligent supervision. It is anticipated that the Respondents will deny all allegations.

Investors have until July 29th, 2022 to file a proof of claim form against GWG Holdings. 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 and recommend investors pursue all avenues to attempt a recovery of their GWG L Bond losses.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Kyle G Corgan, has been listed in the securities industry both as a broker and as an advisor for 20 years.  He has 4 “Customer Disputes” listed on his FINRA CRD report, 2 have settled, 1 was denied and 1 was withdrawn.  Corgan has been listed with 4 firms as is currently listed with Newbridge Securities in Syosset, New York, since 2018.

Please call 888-760-6552 Soreide Law Group to get a FREE consultation with a securities lawyer about pursuing a FINRA arbitration against your financial advisor in GWG bond losses.

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

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