Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
MOLONEY SECURITIES CO., INC., and their registered representative, ROBERT MORGAN VANCE.
The Claimant, who resides in California, is a retired government employee who took a retirement planning class in 2014. MOLONEY SECURITIES representative, ROBERT MORGAN VANCE, taught the class and allegedly offered to help manage the students’ retirement funds.
According to the lawsuit, ROBERT MORGAN VANCE allegedly knew that the Claimant was looking for safe investments to generate a stable retirement income. Allegedly, VANCE recommended GWG Holdings bonds and, the lawsuit alleges, presented it to the Claimant as safer than the stock market with little risk with it not being correlated to equities. The Claimant allegedly followed VANCE’S advice and started investing in GWG bonds in 2014. By 2021, the Claimant was entirely concentrated into three GWG Holdings bonds and one GWG L bond. On April 20th, 2022, GWG Holdings filed Chapter 11 bankruptcy which could potentially wipe out a significant portion of the Claimant’s life savings.
The lawsuit alleges MOLONEY SECURITIES and their representative, ROBERT MORGAN VANCE’s actions have caused damages to the Claimant of approximately $100,000.00. The lawsuit is alleging: Negligence, Breach of Fiduciary Duty, and Negligent Supervision.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, ROBERT MORGAN VANCE, has been in the securities industry for 36 years. He is listed both as an investment advisor and broker. He has been registered with 11 firms and has been registered with the following firm since 2016:
MOLONEY SECURITIES CO., INC. – Sonora, California.
If you’ve suffered financial losses in GWG bonds due to the recommendations of MOLONEY SECURITIES and/or their registered representative, ROBERT MORGAN VANCE, contact 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, no fee if no recovery, and represents our clients nationwide before FINRA.