In July of 2024, LifeMark Securities Corporation and its registered representative, Geoffrey (Geoff) Wolterstorff, were censured by the Securities and Exchange Commission (SEC) for allegedly violating Regulation Best Interest (“Reg BI”) rules. LifeMark Securities Corporation was censured, ordered to pay $4,410 in disgorgement, and fined a civil penalty of $85,000. Geoffrey Wolterstorff was censured, ordered to pay $24,991 in disgorgement, and fined a civil penalty of $15,000. These violations were due to the alleged financial losses for investors who were sold the high-risk, illiquid GWG L Bonds.
According to a recent InvestmentNews article, two weeks after losing one investor lawsuit involving bonds issued by GWG Holdings, LifeMark Securities Corp. lost second investor claim linked to GWG bonds for $89,000.
LifeMark Securities is based in Rochester, New York and has faced scrutiny in the past for sales of GWG L Bonds, called L Bonds because they were backed by life insurance policies. Approximately 40 broker/dealers over the past decade sold close to $1.6 billion in GWG L Bonds. GWG Holdings Inc. filed for chapter 11 bankruptcy protection three years ago.
Many investors, including elderly retirees, were allegedly misled into believing L Bonds were low-risk, secure investments, when in fact GWG L Bonds were high-risk and considered unsuitable for many investors. GWG L Bonds are speculative, high-risk, and illiquid securities sold as private placement through broker/dealers nationwide. The L Bonds were not suitable for investors with a low-risk tolerance. GWG sold the L Bonds through broker/dealers such as LifeMark Securities.
Soreide Law Group has successfully brought dozens of cases before FINRA involving GWG L Bond sales. If your broker/dealer or financial advisor recommended GWG L bonds to you and you’ve suffered devastating losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.
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Investors apparently complained about securities broker Gianpaolo Bicego (also known as Paolo Bicego) [CRD: 5211610, Beverly Hills, California], based on publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Gianpaolo Bicego worked for J.P. Morgan Securities LLC from February 17, 2010, through October 25, 2023, and has been registered with Wells Fargo Clearing […]
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