THOMAS C SHULTZ of REALTA EQUITIES

Soreide Law Group has been contacted by investors who purchased GWG L Bonds due to the alleged recommendation of broker/investment advisor, THOMAS CAINE SHULTZ (THOMAS C SHULTZ). Schultz has been registered as a broker with REALTA EQUITIES, INC of Phoenix, Arizona, and Franklin, Tennessee, since 7/2/2023, and as an investment advisor with REALTA INVESTMENT ADVISORS, INC of Franklin, Tennessee, since 7/25/2023. He was previously registered with TITAN SECURITIES of Scottsdale, Arizona, from 2021-2023 and COASTAL INVESTMENT ADVISORS of Scottsdale, Arizona, from 2018-2021.

GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court on April 20, 2022.  Before the bankruptcy, approximately 40 broker/dealers sold clients close to $1.6 billion in GWG L bonds. They were called L bonds because they were backed by life settlements.

Potential violations by broker/dealers who sold GWG L Bonds to their clients include unsuitable recommendations, misrepresentations about the safety of the product, failure to disclose the risks of illiquidity and default, and inadequate supervision by the brokerage firms that approved these sales. Investors harmed by these practices may be able to pursue claims through FINRA arbitration or similar legal actions.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, THOMAS C SHULTZ has been in the securities industry for 12 years and has been listed with 6 firms.  Schultz has 5 disclosures on his FINRA CRD report, all 5 disclosures are “Customer Disputes.” The significance of Schultz’s 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,THOMAS C SHULTZ’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. Three of the complaints have settled and 2 are pending.  Some of the complaints alleged in the settled disputes were in part, “CLAIMANT ALLEGES THE RR (registered representative) MADE UNSUITABLE RECOMMENDATIONS AND FAILED TO PERFORM ADEQUATE DUE DILIGENCE ON GWG,” and “The customer alleged damages related to an investment solicited by Mr. Shultz.”

Many investors nationwide were allegedly misled into believing GWG L Bonds were low-risk, secure investments by their brokers and/or financial advisors, when in fact GWG L Bonds were high-risk and considered unsuitable for many investors, many of whom were retirees and elderly investors. GWG L Bonds were speculative, high-risk, and illiquid securities sold as private placements.

Soreide Law Group has successfully brought dozens of cases before FINRA involving GWG L Bond sales.  If your broker/dealer or financial advisor recommended GWG L bonds and you’ve suffered significant investment losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses at:  888-760-6552.

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