LOS ANGELES, CA, UNITED STATES, December 11, 2024 /EINPresswire.com/ — National investment loss and securities attorneys KlaymanToskes continues investigating Westpark Capital and barred financial advisor Greg McCloskey, after their recommendations of GWG L Bond investments caused two investors $200,000 in damages. The law firm urges all current and former customers of Greg McCloskey and Westpark Capital who suffered investment losses in GWG L Bonds, or any other investments, to contact the firm immediately at 888-997-9956.
KlaymanToskes reports the law firm has filed a FINRA arbitration claim (Case no. 24-02500) against Westpark Capital on the behalf of two retired investors who are seeking to recover damages of $200,000, in connection with being recommended to invest in unsuitable and illiquid GWG L Bond investments by their financial advisor, Greg McCloskey (CRD# 2820510).
According to the claim filed by KlaymanToskes, the customers sought fixed income investments with capital preservation. The customers invested in the L Bonds based on the material representation made by McCloskey and Westpark Capital that the GWG L Bonds would provide monthly income and the return of principal at maturity.
The law firm’s investigation found that Westpark Capital failed to identify and investigate red flags associated with GWG, and their failure to do so directly caused harm to the customers. KlaymanToskes believes bondholders’ ideal option to maximize their recovery of losses is through the filing of a FINRA arbitration claim. The law firm is currently representing many GWG L Bondholders throughout the nation in FINRA arbitration claims against the brokerage firms and financial advisors that recommended the speculative L Bonds.
In April of 2021, McCloskey was permanently barred by FINRA for engaging in multiple undisclosed private securities transactions, including soliciting an elderly, retired widow to invest $20,000 in a company outside the scope of his employment. Further, McCloskey allegedly attempted to conceal his actions by orchestrating a second private securities transaction to repurchase the investment through his sister and by urging the customer to create a false statement denying his involvement. FINRA also found that McCloskey provided false testimony, failed to disclose customer complaints, used unapproved communication channels, and misled his firm on compliance questionnaires.
Current and former customers of Greg McCloskey and/or any other financial advisor who suffered investment losses in GWG L Bonds are encouraged to contact attorney Steven D. Toskes, Esq. at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
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 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
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com