HUNTINGTON BEACH, Calif., Oct. 03, 2022 (GLOBE NEWSWIRE) — A 78-year-old widow suffering from Parkinson’s disease has lost $100,000 in GWG Holdings, Inc. (OTCMKTS: GWGHQ) L Bonds at the advice of Moloney Securities and Matthew Franchina. Representing the investor is national securities law firm KlaymanToskes who has filed a FINRA arbitration claim (Case No. 22-01998) on her behalf in effort to recoup the investment losses.
As explained in the claim, the investor was referred to Franchina as a full-service financial advisor that could recommend safe, low risk, fixed income investments to provide her income during her retirement years. Instead, Franchina and Moloney recommended the purchase of two GWG L Bonds in March 2021, representing them as suitable for her investment objective. The investor had never heard of GWG L Bonds, so she completely relied on the information and representations made by Franchina and Moloney Securities. In truth, the L Bonds are high-risk, illiquid alternative investments.
On April 16, 2021, one month after the purchase, GWGH suspended the sales of its L bonds. This suspension follows the SEC’s 2020 investigation into GWGH.
According to securities attorney Lawrence L. Klayman, Esq., “Moloney and Franchina took advantage of our client’s fragile state. Our client reasonably relied upon the misrepresentation that GWG L Bond’s were safe, suitable investments, and as a result of the reliance, she has suffered investment losses.”
KlaymanToskes represents L bond Investors against Other Brokerage Firms
Unfortunately, thousands of L Bonds investors have suffered losses after assuming risks without being informed. KlaymanToskes is dedicated to fighting on behalf of these investors so that they can recover their financial lifestyles. If you have suffered investment losses at the hands of a full-service broker firm such as Moloney Securities, Emerson Equity, National Securities, Western International Securities or Centaurus, contact KlaymanToskes for a free, confidential consultation.
Attorney Lawrence Klayman, the leader of our GWG L Bond investigation, is interested in speaking with you. If you have suffered losses in excess of $75,000 at a full-service brokerage firm such as Moloney Securities, you are encouraged to contact Lawrence Klayman at 1 (888) 997-9956 or lklayman@klaymantoskes.com.
About Us
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $245 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Destination: https://klaymantoskes.com/gwg-holdings-l-bonds-lawsuit/
Contact
KlaymanToskes
Lawrence L. Klayman, Esq.
1-888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com