CHARLOTTE, NC, USA, October 18, 2023 /EINPresswire.com/ — National securities attorneys KlaymanToskes encourages customers of Garrett Moretz who purchased GWG L Bonds at Moretz Wealth Management and/or Lifemark Securities to contact the firm immediately at 888-997-9956.
KlaymanToskes reports that the firm has filed a FINRA arbitration claim (no. 23-02751) against Lifemark Securities and financial advisor Garrett Wayne Moretz on the behalf of a retiree seeking to recover damages up to $500,000, in connection with being recommended to invest in unsuitable, illiquid, and speculative GWG L Bond investments.
The customer sought to plan for his retirement years and entrusted Lifemark Securities and Garrett Moretz with making low risk recommendations that were in his best interest. However, Moretz falsely represented to the customer that GWG L Bonds were safe bonds and that the customer would receive his principal back upon the bond’s maturity, in addition to monthly income.
In January 2022, GWG stopped paying interest and principal payments to bondholders. Shortly thereafter, GWG Holdings, Inc. filed for Chapter 11 bankruptcy, and most recently, the bonds were canceled. GWG L bondholders are owed over $1.3 billion, however, GWG’s ability to monetize its assets remains highly uncertain and unlikely.
As the GWG L Bonds were illiquid and unlisted, there were significant risks that were not disclosed to the customer. On May 1, 2023, Moretz received a Wells Notice from the Securities and Exchange Commission (SEC) regarding an investigation into his alleged violations of federal securities laws.
Customers of Garrett Moretz who suffered investment losses in GWG L Bonds at Moretz Wealth Management and/or Lifemark Securities are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free and confidential consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Lawrence L. Klayman, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
lawrence@klaymantoskes.com