Soreide Law Group has been contacted by customers of broker/investment advisor, KYLE GEORGE CORGAN (CRD#: 4417800) due to his alleged recommendations of GWG L Bonds. Corgan is currently registered with Newbridge Securities in Syosset, New York. Soreide Law Group has several cases involving various broker/dealers in GWG L Bond losses.
GWG Holdings (GWGH), is a Dallas-based provider of insurance services, and they also sell life insurance-backed bonds, has filed for Chapter 11 bankruptcy protection. Reuters reported that GWG is $2 billion in debt, which includes $1.6 billion in outstanding bonds.
According to a recent article from the Insurance Business America, GWG explained that its insolvency was due to its inability to access financial markets and regulatory issues connected to the US Securities and Exchange Commission (SEC) investigation into GWG’s accounting. The article states that the SEC investigation is ongoing, but GWG stated that it has not been flagged for any wrongdoing.
The Insurance Business article goes on to say that GWG is also facing legal action from their investors. The shareholders accused the company in February of misusing investor funds and of failing to disclose that the company is being subjected to an SEC investigation.
The L Bond, is a speculative and risky high-yield bond, not suitable for all investors. Sales were suspended effective January 10, 2022. If a broker/financial advisor misrepresented the safety of L Bonds, or failed to consider an investor’s suitability when recommending or selling the L Bond, it may constitute negligence, a breach of fiduciary duty, and other sales practice violations.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, KYLE GEORGE CORGAN, has been registered in the securities industry for 20 years and has 4 Disclosures on his FINRA CRD report, all 4 are “Customer Disputes.” Corgan is registered both as a broker and as an investment advisor.
KYLE GEORGE CORGAN has been listed as a broker with the following firm since 1/3/2018.
NEWBRIDGE SECURITIES CORPORATION
6800 JERICHO TURNPIKE
SUITE 204E
SYOSSET, NY 11791
Corgan is also registered with the following firm as an investment advisor since 4/12/2018:
NEWBRIDGE FINANCIAL SERVICES GROUP, INC.
CORNELIUS, NC
Previously, Corgan was listed with:
10/04/2011 - 01/03/2018 FIDELITY BROKERAGE SERVICES - LAKE GROVE, NY
If you’ve experienced losses in GWG L Bonds through the alleged recommendations of broker/financial advisor, KYLE GEORGE CORGAN of NEWBRIDGE SECURITIES CORPORATION of Syosset, New York, contact Soreide Law Group, currently representing other clients in GWG L Bond cases, 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 and represents our clients nationwide before FINRA.
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