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NEW YORK, June 03, 2022 (GLOBE NEWSWIRE) — National investment fraud lawyers KlaymanToskes is continuing to investigate and pursue FINRA arbitration claims on behalf of GWG Holdings’ L bonds investors in light of the GWG’s ongoing Chapter 11 bankruptcy and recent notification to the SEC of its inability to timely file its Quarterly Report.
According to securities attorney Lawrence L. Klayman, Esq., “The GWG L Bond matter underscores a brokerage firm’s need to properly disclose risks associated with the products they sell to their retail customers. In our GWG cases, brokerage firms and their financial advisors did not fully understand the products they were selling, and, as a result, they failed to disclose necessary information to their customers about the illiquid and speculative nature of the GWG L Bonds. A firm’s failure to disclose material risks to investors about GWG Holdings’ L Bonds results in liability, and is a basis for a FINRA arbitration claim.”
In April 2022, GWG Holdings, Inc. (OTHER OTC: GWGHQ) filed for Chapter 11 bankruptcy after the Company defaulted on $3.5 million in principal payments and $10.35 million on interest payments to investors on its L Bonds. Further, on May 17, 2022, GWG notified the SEC– yet again – of its inability to timely file its required Quarterly Report to the SEC because the Company requires additional time to complete its financial statements and disclosures.
The sole purpose of this release is to investigate on behalf of our clients who purchased GWG L Bonds through brokerage firms. GWG L Bond investors who purchased their investments through brokerage firms with losses in excess of $75,000, and those who have information relating to the handling of their accounts, are encouraged to contact Lawrence L. Klayman, Esq. at 1-888-997-9956.
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KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $230 million in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
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Lawrence L. Klayman, Esq.
KlaymanToskes
+1 888-997-9956
lklayman@klaymantoskes.com