National investment fraud lawyer KlaymanToskes announced today that it filed a securities arbitration claim on behalf of a California couple against JRL Capital Corporation to recover damages sustained in GWG Holdings, Inc. L Bonds.
According to the claim, JRL Capital broker John Crigler recommended that the aging married couple invest over 50% of their liquid net worth in an unsuitable, highly speculative, illiquid private placement known as an “L Bond” issued by the Dallas-based financial services firm, GWG Holdings. Incredibly, less than 10 months after the Respondents represented the GWG L Bonds as a safe, low-risk investment for the Claimants’ retirement, GWG stopped paying interest and principal payments. Shortly thereafter, in April 2022, GWG filed for Chapter 11 bankruptcy.
According to securities attorney Lawrence L. Klayman, Esq., “JRL Capital had a duty to perform appropriate due diligence on GWG and its L Bonds to ensure that their customers understood the nature of these complex, risky investment products. The firm’s failure to reasonably investigate and monitor GWG’s L bonds, especially considering the SEC’s ongoing investigation and other clear red flags, directly caused substantial harm to our clients.”
Former and current customers of JRL Capital with losses in excess of $75,000, and those who have information relating to the manner in which their accounts were handled, are encouraged to contact Lawrence L. Klayman, Esq. at 1 (888) 997-9956.
KlaymanToskes is a leading national securities law firm that 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 more than $230 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico. In need of our services? Contact us today.