Soreide Law Group has recently been contacted by clients of the broker/investment adviser, TIMOTHY JOSEPH SCANLON (CRD#: 1968597) currently with ARQUE CAPITAL, LTD. of Scottsdale, Arizona.
The clients are alleging they were recommended purchasing GWG L Bonds. Many of the broker/dealer firms that sold GWG L Bonds to their investors may have recommended them as a low-risk product that could provide an income, however, L Bonds are highly risky, illiquid, and are not as closely regulated as publicly-traded bonds.
GWGH began publicly offering L Bonds in January of 2012 under the name Renewable Secured Debentures, and were later renamed L Bonds in January 2015. GWGH sold L Bonds to investors to finance the purchase of life insurance policies and raise capital.
GWGH sent a letter to investors on February 14, 2022, announcing that it was pausing all sales, interest, maturity, dividend, and redemption payments to L Bond and Preferred Stockholders. On January 24, 2022, GWGH disclosed in its annual report that it did not make their January 15, 2022 interest payment of $10.35M and principal payments of approximately $3.25M and would suspend L Bonds sales January 10, 2022.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, TIMOTHY JOSEPH SCANLON, has had 32 years of experience in the securities industry. Scanlon has 6 disclosures on his FINRA CRD report, 3 are “Customer Disputes,” all settled, 2 are “Employment Separation after Allegations,” and 1 is a “Regulatory” from 1995 in which Scanlon was censured and fined $7,425.00 initiated by the, NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
TIMOTHY JOSEPH SCANLON has been listed with 4 firms and is currently registered with the following firm as both a broker and a financial advisor and began as a broker with them 12/3/2008:
ARQUE CAPITAL, LTD.
5665 N. SCOTTSDALE ROAD SUITE 130
SCOTTSDALE, AZ 85250
If you are/were a client of TIMOTHY JOSEPH SCANLON currently with ARQUE CAPITAL, LTD. of Scottsdale, Arizona, and you experienced investment losses due his recommendation of GWG L Bonds, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.
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