National investment loss lawyers KlaymanToskes is investigating broker Tom Swan of Western International Securities (CRD #1698430).
According to FINRA BrokerCheck, Tom Swan of Western International Securities is involved in a customer dispute alleging unsuitable and misleading investment recommendations, with the investor seeking $60,000 in damages. Past complaints against the broker have settled for more than $200,000 in collective investor damages. He was also involved in an SEC proceeding for unsuitable sales of high-risk GWG L Bonds at Western International Securities.
Investors that suffered losses with broker Tom Swan are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Financial advisor Tom Swan has faced several complaints with investors according to his FINRA BrokerCheck record, which shows that at least 9 investors have made complaints against him. Six of these complaints were settled in favor of the customers. Swan is currently involved in a complaint alleging unsuitable and misleading investment recommendations, with the investor seeking $60,000 in damages. In 2022, the Securities and Exchange Commission (“SEC”) disclosed findings that between July of 2020 and April of 2021, registered representatives of Western International Securities recommended and sold approximately $13.3 million in L Bonds to retail customers. Western and its registered representatives Nancy Cole, Patrick Egan, Andy Gitipityapon, Steven Graham, and Thomas Swan (the “Registered Representative Defendants”) failed to exercise reasonable diligence, care, and skill to understand the risks, rewards, and costs associated with L Bonds. The SEC found that, at the time they recommended L Bonds to retail customers, the Registered Representative Defendants did not understand key risks associated with L Bonds and GWG. Defendants also recommended L Bonds to at least seven retail customers without a reasonable basis to believe L Bonds were in those customers’ best interests. Among other things, these customers had moderate-conservative or moderate risk tolerances, investment objectives that did not include speculation, limited investment experience, limited liquid net worth, and/or they were retired.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Tom Swan, or have concerns regarding your investment portfolio at Western International Securities, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.