National investment loss lawyers KlaymanToskes continues to investigate broker Ray Gallette (CRD#3041923) of Coastal Equities, Inc. and Gallette Financial as the number of customer complaints filed with the Financial Industry Regulatory Authority (“FINRA”) rises to 9. The customers are seeking nearly $3 million in collective damages and allege unsuitable investments including alternatives such as GWG L Bonds.
According to FINRA BrokerCheck, Ray Gallette was registered with Coastal Equities, Inc. in El Dorado Springs, MO from 2013 until he left the brokerage industry in January 2020. Of the 9 customer complaints filed, two have already settled for a total recovery of over $620,000. KlaymanToskes currently represents a retired investor against Coastal Equities for Ray Gallette’s recommendation of GWG L Bonds and other alternative investments (FINRA Case No. 23-00330).
Investors that suffered losses with Ray Gallette are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations.
The articles linked below contain important information relating to KlaymanToskes’ investigation of broker Ray Gallette:
If you suffered losses with Ray Gallette or Lorraine Gallette at Gallette Financial and/or Coastal Equities, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
The firm has helped recover over $600 million* for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.
*Exclusive of attorney’s fees and costs.
KlaymanToskes is currently representing a retired investor in a FINRA arbitration case (FINRA Case No. 23-00330) seeking $100,000 in compensation for unsuitable recommendations made by Ray Gallette (CRD# 3041923), Lorraine Gallette (CRD# 6192487), and Coastal Equities.
According to the claim, the investor sought the help of Coastal Equities and its advisors to recommend conservative, fixed income investments to support her financial needs during retirement. Instead, Coastal Equities’ financial advisors, Ray and Lorraine Gallette, recommended Alternative Investments. The investments included GWG L Bonds, Priority Income Fund Class R, Trilinc Global Impact Fund Class A, ATEL 8, ARC PECO II, Mission Crit, GWG Preferred Stock, and Mainstar Trust.
Alternative Investments are illiquid and speculative in nature, meaning that they are not suitable for investors seeking low-risk, conservative investments.
In April 2022, GWG Holdings, Inc. filed for bankruptcy, suspending their monthly dividends and leaving investors without access to their principal. In August 2023, the GWG L Bonds were canceled, and investors were issued “Interests” in the Wind Down Trust. The value of the Interests and timeline for the bankruptcy’s resolution are still uncertain.
If your financial advisor recommended GWG L Bonds or any other Alternative Investment listed above, KlaymanToskes strongly encourages you to contact our office for a free and confidential account review. Call our office today at (888) 997-9956 to speak with an attorney.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Ray Gallette or broker Lorraine Gallette. These signs could potentially indicate negligence, misconduct, 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 Ray Gallette or Lorraine Gallette, or have concerns regarding your investment portfolio at Gallette Financial or Coastal Equities, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.