Soreide Law Group currently has a pending lawsuit against ROBERT M VANCE. Recently it was announced in an SEC Litigation Release that on September 24, 2024 the U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) is now charging the California resident, ROBERT M VANCE, with failing to comply with Regulation Best Interest's Care Obligation when recommending high-risk debt securities known as GWG L Bonds to his retail brokerage customers.
According to FINRA’s BrokerCheck, ROBERT M VANCE, was registered from 06/15/2016 - 11/15/2023 with MOLONEY SECURITIES INC of Sonora, California. Vance was previously registered both as a broker and as an investment advisor, and is not currently registered.
According to the SEC's complaint, between June of 2020 and January of 2022, ROBERT M VANCE allegedly recommended that certain of his retail customers, many of whom were at or near retirement age and had moderate risk tolerances, purchase L Bonds despite disclosures by the issuer, GWG Holdings, Inc., that the L Bonds involved a high degree of risk, may be considered speculative, and were only suitable for investors with substantial financial resources and no need for liquidity.
The SEC complaint also alleges that ROBERT M VANCE continued to recommend that certain retail customers purchase L Bonds even after GWG disclosed in November of 2021 that there was substantial doubt about the company's ability to continue as a concern. The complaint further alleges that Vance failed to exercise reasonable diligence, care, and skill to understand the potential risks, rewards, and costs associated with L Bonds and also recommended the purchase of L Bonds to at least four retail customers for whom he did not have a reasonable basis to believe the recommendations were in the customers' best interest.
BrokerCheck lists ROBERT M VANCE as having been in the securities industry for 34 years and was listed with 9 firms. Vance has 20 Disclosures on his CRD report with 18 “Customer Disputes” filed from 2022-2024. The significance of Vance’s 18 FINRA Customer Complaints 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 ROBERT M VANCE’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
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Navigating the complexities of business and securities law requires precision, expertise, and a forward-thinking approach. At Soreide Law Group, we specialize in providing tailored legal solutions for companies, investors, and entrepreneurs across a wide range of services. Whether you are preparing financial disclosures or structuring innovative funding mechanisms, our team ensures compliance, clarity, and efficiency. […]
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