National investment fraud lawyers KlaymanToskes is currently representing investors that have incurred GWG L Bond losses from unsuitable investment advice by Emerson Equity LLC and its selling group members.
Emerson Equity LLC is registered with the Securities and Exchange Commission as a broker-dealer member of the Financial Industry Regulatory Authority. The firm is also a SEC registered investment adviser. According to its website, Emerson Equity has more than 150 investment professionals across the country. Emerson Equity served as the managing broker-dealer for GWG L Bonds.
Emerson Equity entered into participating dealer agreements with certain other broker-dealers known “selling group members,” to authorize those broker-dealers to sell our L Bonds. According to a court filing in the GWG Holdings Bankruptcy, there are 145 brokerage firms that sold GWG Holdings.
According to a court filing in the GWG Bankruptcy, the SEC is investigating the sales practices of brokerage firms that sold GWG L Bonds. Specifically, the SEC sent subpoenas and document requests to individual Broker Firms that were selling or were considering selling GWGH Bonds. In some instances, the SEC’s information requests have been sent to brokers on an ongoing, or even daily, individual transaction-level basis. A number of brokerage firms allegedly indicated that they would not resume sale of the L Bonds until further notice due to concerns of getting involved further in the SEC’s investigation.
On October 6, 2020, GWG Holdings received a subpoena to produce documents from the Chicago office of the SEC’s Division of Enforcement. The requested information from the October 2020 and related subpoenas concern GWG Holdings’ investment products, including its L Bonds, as well as various accounting matters. among them, the consolidation for financial reporting purposes of Beneficient by GWG Holdings, goodwill valuation, and the accounting related to the ExAlt Trusts, related party transactions, life insurance policies, and the calculation of the debt-coverage ratio.
The GWG Bankruptcy ongoing in Texas revealed that there are 145 brokerage firms that sold GWG L Bonds. Among the firms alleged to have sold GWG L bonds include:
KlaymanToskes is a leading national securities law firm practicing exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $230 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq.