ROBERT M VANCE Charged by SEC

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. 

If you would like to discuss this article or any other securities issues, contact Soreide Law Group and speak to at no cost to an experienced securities lawyer at:  888-760-6552.

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