National investment loss lawyers KlaymanToskes is investigating barred broker Gregory Walter McCloskey (CRD# 2820510) of Westpark Capital Inc. in connection with claims that he unsuitably sold illiquid GWG L Bonds to his customers. Two pending customer complaints against McCloskey allege unsuitable and misrepresented recommendations to invest in GWG L Bonds.
Greg McCloskey was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) from acting as a broker in all capacities, in connection with findings that he allegedly participated in two undisclosed private securities transactions involving a customer, and then sought to conceal the transactions from his member firms and FINRA.
Investors that suffered losses with Greg McCloskey may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes recently reported that GWG L Bondholders voted to accept or reject GWG Holdings’ (OTCMKTS:GWGHQ) Chapter 11 Plan for liquidation (Case No. 22-90032). It was the firm’s opinion that L bondholders should vote in favor of the Plan and seek financial recovery through FINRA arbitration.
Bondholders’ votes are still being counted, however, based on the wide range of recovery (9% to 100%) presented by GWG, it is KlaymanToskes’ opinion that the L Bondholders will NOT likely obtain a significant recovery, and what they do receive will take significant time to recover.
Regardless of the result of the vote, in addition to any potential bankruptcy recovery, investors should pursue a separate FINRA arbitration claim against the brokerage/investment advisory firms who sold these illiquid investments.
Contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your potential case. We offer free consultations and every case is taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which 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 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.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com