WESTERN INTERNATIONAL SECURITIES, INC

Soreide Law Group filed a FINRA arbitration on behalf of our client (Claimant) against:

WESTERN INTERNATIONAL SECURITIES, INC. (WIS). (Respondent)

The Claimant is in his late sixties and lives in California. On or about 2019, the Claimant was invited to a presentation on retirement income by a WESTERN INTERNATIONAL SECURITIES’ former broker. The lawsuit alleges that the Respondent knew that the Claimant was looking for very conservative investments with reliable income to sustain him through retirement without risk of loss to the principal.  The Claimant was allegedly presented with GWG Holdings L bonds as a safe and secure asset-backed investment that was not correlated to the risks of the stock market. The Respondent allegedly recommended a total $150,000 investment in one 7-year GWG L bond. The lawsuit alleges that the Respondent and their former agent presented this as an asset backed investment that was aggregating life insurance policies.

The lawsuit alleges there was no mention of the dramatic changes to the company that took place right before the Claimant’s purchase that ultimately resulted in its bankruptcy. On April 20^th, 2022, GWG Holdings filed Chapter 11 bankruptcy which wiped out a significant portion of the Claimant’s life savings in addition to the lifelong lost revenue that could have been produced in suitable investments. On December 2021, just two years after the sale, GWG Holdings failed to make their January 15^th, 2022 interest payment of $10,350,000 and to make their $3,250,000 principal payment on their “L” bonds and, according to the lawsuit, the Respondent did not make the Claimant aware of this red flag and did not attempt to liquidate any of the Claimants’ GWG bonds. By 2020, the Respondent allegedly knew that GWG was paying off old investors with new investor money, which is the definition of a Ponzi scheme.

The lawsuit alleges that WESTERN INTERNATIONAL SECURITIES and their former representative's, actions have caused damages to the Claimant of approximately $150,000.00. The lawsuit is claiming negligence, breach of fiduciary duty, and negligent supervision. 

It was stated in a November 4, 2025, press release from the United States Department of Justice that the former GWG Holdings CEO and Board Chairman Bradley Heppner, 59 of Dallas, Texas, was charged with “securities fraud, wire fraud, false statements to auditors, and falsification of records, each of which carries a maximum sentence of 20 years in prison. HEPPNER is also charged with conspiracy to commit securities fraud and wire fraud, which carries a maximum sentence of five years in prison.”

“While serving as chairman of GWG, a publicly traded company, Bradley Heppner allegedly misappropriated more than $150 million. In furtherance of this scheme, Heppner allegedly falsified documents, made misleading statements to investors and auditors, and obstructed an investigation by regulatory authorities. GWG’s subsequent bankruptcy resulted in over $1 billion in losses to retail investors. The FBI will continue to hold accountable any individual who defrauds investors for their own gain,” said FBI Assistant Director in Charge Christopher G. Raia.

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 to you 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 represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.