The Florida-based, Soreide Law Group, has been contacted by investors who experienced losses through the purchase of GWG Holdings L Bonds. These investors were clients of MICHAEL JOSEPH WHITAKER (CRD#: 6316100). Whitaker, a broker/investment advisor is currently listed with NEWBRIDGE SECURITIES CORPORATION of THE VILLAGES, FLORIDA.
GWG Holdings, Inc. (GWGH) is a financial services company that sells life insurance bonds. The L Bond was created by GWG as a financial instrument, using money from bond sales to purchase life insurance policies on the secondary market. The payouts from the life insurance policies were used to pay investors.
GWG Holdings, Inc. filed Chapter 11 bankruptcy on April 20, 2022. Because of the Chapter 11 bankruptcy filing, the payment obligations for the GWG L Bonds have stopped, so investors will not receive any principal or interest payments until GWG Holdings, Inc. restructures the debt obligations and the court approves the distributions. There were nearly $2 billion in GWG L Bonds sold. The Chapter 11 Bankruptcy case could go on for years.
Soreide Law Group has stated in earlier blog postings that GWG L Bonds were in jeopardy after GWG Holdings defaulted on interest and principal payments on January 15, 2022. L Bonds are speculative, high-risk, and illiquid securities sold as private placements through broker/dealers nationwide. The L Bonds were not suitable for investors with low-risk tolerance portfolios. GWG sold the L Bonds through broker/dealers, who sold the products to individual retail investors.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MICHAEL JOSEPH WHITAKER, has been registered in the financial industry both as a broker and as an investment advisor for 8 years.
Whitaker has been listed as a broker with the following firm since 4/10/2014:
NEWBRIDGE SECURITIES CORPORATION
THE VILLAGES, FL 32159
MICHAEL JOSEPH WHITAKER is listed as an investment advisor with the following firm since 9/28/2017:
NEWBRIDGE FINANCIAL SERVICES GROUP, INC.
THE VILLAGES, FL 32159
If you’ve experienced losses due to the alleged recommendations of broker/financial advisor, MICHAEL JOSEPH WHITAKER of NEWBRIDGE FINANCIAL SERVICES GROUP, INC. of THE VILLAGES, Florida, particularly in GWG L Bonds, contact the Florida-based, Soreide Law Group, and speak to an experienced securities lawyer 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 and represents clients nationwide before FINRA.
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