GWG Holdings, Inc. (OTCMKTS:GWGHQ)
HOPE MILLS, NC, US, October 25, 2022 /EINPresswire.com/ — The law firm of KlaymanToskes has filed a $400,000 lawsuit against Capital Investment Group and Joseph D. Jackson on behalf of an ESPN and NBC Sports host.
The investor, also a retired professional golfer, explained to Jackson that she wanted conservative investments such as AAA bonds. With this direction, Jackson recommended purchasing GWG L Bonds. Jackson represented the L Bonds as a secure investment with a guaranteed return of principal and monthly income. In truth, the L Bonds are highly speculative, illiquid, alternative investments. This misrepresentation left the investor locked into the L Bonds during GWG Holding’s recent bankruptcy causing significant investment losses.
As alleged in the claim (FINRA Case No. 22-02414), Jackson also severely neglected the investor’s other holdings. In January 2021, he allowed one of the investor’s Ohio National Annuity Guaranteed Minimum Income Benefit Rider to lapse after failing to advise her that the contract value of the annuity had decreased to a critical point putting the contract in jeopardy. It eventually reached $0 and was canceled.
The following year, Jackson again failed to advise the investor of the opportunity to exercise her other Ohio National Annuity Guaranteed Minimum Income Benefit Rider and allowed the second policy to lapse. This cost her lifetime income payments and the burden of paying surrender charges.
According to securities attorney Lawrence L. Klayman, Esq., “Not only did Jackson recommend unsuitable investments, but he also exercised negligence by failing to act on the annuity riders. The financial services industry’s standard of care was violated leaving our client to suffer significant losses.”
Members of the Hope Mills community may have been solicited by Jackson to purchase similar investments or experienced similar negligence. Investors that have suffered losses in excess of $100,000 at the hands of a full-service brokerage firm such as Capital Investment Group are encouraged to contact Lawrence L. Klayman, Esq. at 1 (888) 997-9956 or firstname.lastname@example.org to learn more about their recovery options.
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 $250 million for investors 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.