LIFEMARK SECURITIES CORP.  & JEFFREY S MORRISON

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

LIFEMARK SECURITIES CORP.  (Respondent)

The Claimants are both in their 70s and living in Florida. The Claimants were referred to LIFEMARK broker, JEFFREY SETH MORRISON (JEFFREY MORRISON, JEFFREY S MORRISON) on or about 2019. The lawsuit alleges that Morrison knew the Claimants had a conservative risk tolerance and were looking for safe income producing investments without the risk of loss to their principal. The investments that the Claimants transferred into LIFEMARK have all done reasonably well. The lawsuit states that the only investment recommended to the Claimants at LIFEMARK was approximately $100,000.00 of GWG L bonds.

The lawsuit alleges that LIFEMARK and their registered representative JEFFREY S MORRISON, failed to warn the Claimants of the dramatic changes to GWG Holdings that ultimately resulted in its bankruptcy. On April 20^th, 2022, GWG Holdings filed Chapter 11 bankruptcy which will wipe out over 90% of the Claimant’s investment.

On 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.  The lawsuit alleges that the Respondent chose to ignore this red flag and did not attempt to liquidate any of the Claimants’ GWG bonds. The lawsuit alleges that the GWG L bonds were completely unsuitable for the Claimant’s retirement funds.

The lawsuit alleges LIFEMARK and their representatives’ actions have caused damages to the Claimants of approximately $100,000.00, and is alleging breach of fiduciary duty, negligence, and negligent supervision.  JEFFREY S MORRISON is not named in this lawsuit.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JEFFREY S MORRISON has been in the securities industry for 25 years and has been listed with 5 firms.  He is currently listed with LIFEMARK SECURITIES CORP. of Livingston, New Jersey, s-ince 2/18/2005 as a broker, and since 9/11/2009 -as an investment advisor. JEFFREY S MORRISON has 2 disclosures on his FINRA CRD report, both are “Customer Disputes.”

To discuss this article or any other securities issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost at:  888-760-6552.

Soreide Law Group represents our clients nationally before FINRA on a contingency fee basis, no fee to you if no recovery.