RODGER E THOMAS of NEWBRIDGE SECURITIES

Soreide Law Group, based In South Florida, has been contacted by investors who purchased high-risk, illiquid, alternative investments and suffered losses.  It has been brought to our attention that broker, RODGER ERIK THOMAS (ROD THOMAS, RODGER E THOMAS, RODGER THOMAS) currently registered with NEWBRIDGE SECURITIES CORPORATION of Boca Raton, Florida, may have recommended GWG L Bonds to investors. Thomas has been registered as a broker with NEWBRIDGE since 10/24/2018 and as an investment advisor with NFSG CORPORATION of Roselle Park, New Jersey since 10/30/2018 according to FINRA's BrokerCheck.

GWG Holdings Inc. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas in April of 2022.  The total liabilities for the corporation were approximately $2.1 billion. This could be devastating for GWG investors and could potentially wipe out L bond investments. GWG sold bonds backed by life insurance settlements through a network of approximately 140 independent broker/dealers. There were many red flags regarding the GWG L bonds, which often paid brokers high commissions when they sold them to their clients.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, RODGER E THOMAS has been in the securities industry for 25 years and has been listed with 11 firms.  Thomas has 4 disclosures on his FINRA CRD report. All 4 disclosures are “Customer Disputes.” The significance of Thomas’ disclosures 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, RODGER E THOMAS’ customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

Three of the “Customer Disputes” have been settled. The most recent “Customer Dispute” filed on 8/20/2025 against RODGER E THOMAS is currently pending.  The allegations are, “RECOMMENDATION OF UNSUITABLE INVESTMENTS IN A NUMBER OF ALTERNATIVE INVESTMENTS BETWEEN DECEMBER 2016 AND AUGUST 2018.”  The damage amount requested is $500,000.00.

Brokers and financial advisors have a duty under FINRA’s suitability rule, and under Regulation Best Interest for sales made after 2020, to recommend only investments that align with a client’s financial situation and objectives. GWG L-Bonds were often recommended to retirees and other investors who were seeking safety and income—not high-risk, illiquid debt securities.

Soreide Law Group has successfully brought dozens of cases before FINRA involving GWG L Bond sales.  To discuss this article or any other securities issues contact Florida-based 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 fee basis.