Soreide Law Group, based in Florida, has obtained information that Mark Alan Cline (CRD#: 3206962), not currently registered, formerly with National Securities Corporation (NSC) of Wildwood, Florida, is involved in a securities arbitration filing against him and NSC in hopes of recovering losses in GWG L Bonds.
According to the claim, the former National Securities Corporation broker, Mark Alan Cline, allegedly recommended that a retired Florida teacher invest in GWG L Bonds. Cline was previously registered both as a broker and as an investment advisor and denies all allegations.
Soreide Law Group currently has several lawsuits pending on behalf of our clients against broker/dealers who recommended the purchase of GWG bonds.
GWG Holdings Inc., sold $1.6 billion in bonds backed by life settlements through a network of independent broker/dealers. In an article from InvesmentNews, the company announced it filed Chapter 11 bankruptcy, April 20, 2022, on its website. They repeatedly missed the deadline to file audited financial statements in the past few years. In January, GWGH failed to make $13.6 million in combined interest and principal payments for its L Bonds series, and defaulted on those bonds. According to the InvestmentNews article, investors in the $1.6 billion of bonds could face dire consequences from the GWG bankruptcy.
The GWG L Bond was not an investment for the low-risk investor or the retiree looking for safe, secure growth. The L Bond is high-risk, illiquid private placement that is unsuitable for this type of investor.
Soreide Law Group published the following article on our blog in September of 2020 regarding the 11 FINRA arbitrations filed by Soreide Law Group against Mark Alan Cline and National Securities Corporation regarding sales in GPB products:
According to FINRA’s BrokerCheck, Mark Alan Cline, has been in the securities industry for 22 years and has 14 disclosures on his FINRA CRD report. Of the 14 disclosures, 13 are “Customer Disputes,” 2 are pending and 11 have settled. Cline denies all allegations.
If you’ve suffered financial losses due to the actions or recommendations of the former National Securities Corporation broker, Mark Alan Cline, of Wildwood, Florida, in GWG L Bonds, contact Florida-based 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, no fee if no recovery, and represents clients nationwide before FINRA.