According to FINRA’s BrokerCheck, available to the public on FINRA’s website, PETER LEWIS GOFFIN (PETER L GOFFIN), formerly of NEWBRIDGE SECURITIES CORPORATION of Boca Raton, Florida, has 10 “Customer Disputes” on his FINRA CRD report. Goffin may have allegedly sold GWG L Bonds to clients who suffered significant financial losses. The one other disclosure on Goffin’s CRD report was a “Regulatory” from 1995.
GWG L Bonds are high-risk and illiquid alternative investments and may unsuitable for a conservative to moderate investor. 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.
PETER L GOFFIN, according to FINRA’s BrokerCheck, was previously registered both as a broker and a financial advisor. Goffin has been in the securities industry for 36 years and was listed with 5 firms. The significance of PETER L GOFFIN’s 10 FINRA Customer Disputes is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words Goffin’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
Six of the 10 most recent “Customer Disputes” have been filed in 2023 and 2024, 4 are pending and 2 have settled. In September of 2024 a dispute was settled for $100,000.00, with the allegations of, “BREACH OF CONTRACT, BREACH OF FIDUCIARY DUTY, FAILURE TO SUPERVISE AND NEGLIGENCE, VIOLATION OF REG BI.” In September of 2023, a dispute against PETER L GOFFIN was settled for $40,000.00, with allegations of, “FAILURE TO SUPERVISE, MISREPRESENTATION, NEGLIGENCE AND BREACH OF FIDUCIARY DUTY.”
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