National investment fraud lawyer KlaymanToskes is investigating NI Advisors’ Peter T. Po for GWG L bond sales.
According to one investor, Peter Po sold GWG L bonds through NI Advisors in Cupertino, California. The investor alleged unsuitability, misrepresentations, and failure to supervise in the claim regarding Peter Po and NI Advisors.
GWG Holdings, through its subsidiary, GWG Life, LLC, owns and manages a portfolio of life insurance policies. GWG created products known as L Bonds, which pooled money from bond investors to purchase life insurance policies on the secondary market, and then used payouts from the policies when people died to repay the investors. GWG describes itself as “a financial services firm with two principal types of assets: (1) secondary life insurance assets; and (2) economic interests in independent non-affiliated entities that operate in the alternative assets and epigenetics spaces, respectively.”
Ni Advisors (NIA) is a general securities broker-dealer and investment advisory firm. NIA was formed in September 2005 and is owned by Sui Hock Goy. NI Advisors provides investment advisory services to individuals, pension and profit-sharing plans, trusts, corporations, and other business entities.
According to FINRA BrokerCheck, there are two customer disputes pending from April 2022. Both relate to unsuitable recommendations, and the damages jointly amount to over $70,000. In one of the customer disputes, the allegations state that the “client claims overconcentration and unsuitable recommendation of purchase of non-traded REIT and BDC during 2015.” The broker commented that the “representative states that the client did not purchase BDC.” In the other April 2022 customer dispute, the allegations state that the “client claims unsuitable recommendation. The client purchased the product during 2019-2020.”
In 2015, Voya Financial Advisors fired Peter Po. Voya terminated Po for, among other things, the usage of an unapproved email address, participation in outside business activities without authorization, “inaccurate customer assets in connection with a product transaction,” and radio appearances to discuss investment products without the firm’s approval.
Peter Po has been registered with NI Advisors as a broker and investment adviser since 2015. Before joining the firm, Po worked with Voya Financial as a broker and investment adviser from 2007 to 2015. Before joining Voya, Po worked with Metlife Securities, Inc. as a broker and investment adviser from 2004 to 2007.
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. Interested in our services? Contact us today.