RAY D GALLETTE & LORRAINE M GALLETTE

Soreide Law Group is currently investigating claims made by investors who purchased GWG L Bonds from:

RAY DON GALLETTE (RAY D GALLETTE) and/or his daughter, LORRAINE MARIE GALLETTE (LORRAINE M GALLETTE, LORRAINE MARIE SCHMIDT, LORRAINE SCHMIDT).

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, RAY D GALLETTE was previously listed with Coastal Equities, Inc (now known as Realta Equities, Inc) of El Dorado Springs, Missouri from 01/04/2013 - 01/29/2020. LORRAINE M GALLETTE was also previously registered with Coastal Equities, Inc (now known as Realta Equities, Inc) of El Dorado Springs, Missouri  from 07/11/2013 - 01/20/2021 and Moloney Securities Co Inc of El Dorado Springs, Missouri from 01/15/2021 - 04/25/2022. It has been reported that both Ray and Lorraine Gallette are associated with Gallette Financial Sevices Inc in El Dorado Springs, Missouri.

It has been alleged that RAY D GALLETTE and LORRAINE M GALLETTE may have recommended GWG L Bonds to their clients along with other high-risk alternative investments, even though their clients may have had conservative investment goals.  Some of the investments may have also included: ATEL 8, Smart Stop REIT, US Energy, and GPB Capital Holdings Fund.

According to FINRA’s BrokerCheck, RAY D GALLETTE has been in the securities industry for 21 years and has been listed with 11 firms.  He has 12 disclosures on his FINRA CRD report.  ALL 12 DISCLOSURES ARE “CUSTOMER DISPUTES.” LORRAINE M GALLETTE has been in the securities industry for 8 years and has been listed with 2 firms.  She has 12 disclosures on her FINRA CRD report, ALL 12 DISCLOSURES ARE "CUSTOMER DISPUTES."  These disputes amount to hundreds of thousands of dollars.  Many of the complaints allege in part, unsuitable investments, and failure to conduct reasonable and adequate due diligence.

The significance of RAY D GALLETTE and LORRAINE M GALLETTE’s “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% were the subject of 3 or more customer complaints. In other words, Gallette’s customer complaints rank them in the top one-hundredth percent of all registered representatives for customer complaints.

To discuss this article or any other securities issues, particularly broker/dealer recommendations of high-risk investments such as GWG L Bonds, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency basis, no fee to you if no recovery.