Soreide Law Group has been contacted by customers who were sold GWG L Bonds by former registered representative, MICHAEL ARTHUR SEBALD (MICHAEL A SEBALD, MIKE SEBALD). Sebald was a broker with LANDOLT SECURITIES INC of Oskosh, Wisconsin, from 01/15/2009 - 08/18/2023.
According to FINRA’s BrokerCheck, MICHAEL A SEBALD is currently not listed with any firm. He has 36 years of experience in the securities industry and was listed with 8 firms. He has 2 disclosures on his FINRA CRD report.
The “Employment Separation after Allegations” disclosure dated 8/18/2023, on MICHAEL A SEBALD’s FINRA CRD report states that MICHAEL A SEBALD was discharged from LANDOLT SECURITIES INC following the allegations of, “Failure to handle client estate paperwork in a timely fashion, failure to abide by the firm's written supervisory procedures, violation of FINRA Rule 2010.”
The customers who were sold GWG L bonds allegedly recommended by MICHAEL A SEBALD have suffered significant losses. In April of 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy. GWG had issued $1.6B of life settlement-backed bonds to investors. Millions of dollars are owed to L Bond investors. Approximately 145 brokerage firms partnered with Emerson Equity to sell L Bonds. The redemption payments were suspended, and investors have no way of getting rid of their bonds. Many investors, often elderly and retired, were not made aware of the true nature of this risky product.
GWG L Bonds are speculative, high-risk, and illiquid securities that were sold as private placement through broker/dealers. GWG L Bonds were not suitable for investors with a low-risk tolerance. Many elderly investors’ life savings were devastated by GWG L Bond sales.
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 financial 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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