KlaymanToskes Files FINRA Arbitration Claims for Investor Seeking Recovery
LOUISVILLE, KY, US, August 12, 2022 /EINPresswire.com/ — National investment fraud lawyers KlaymanToskes announces that they filed FINRA arbitration claim 22-01782 on behalf of an 80 year old investor against American Equity Investment Corp. and Wayne Rentschler to recover damages sustained in GWG Holdings, Inc. (OTCMKTS: GWGHQ) L Bonds investments.
According to the claim, American Equity Investment Corp.’s broker Wayne Rentschler, recommended that an 80 year old invest in GWG L Bonds, which was an unsuitable, highly speculative, illiquid private placement. Incredibly, less than 2 years after the brokerage firm represented the GWG L Bonds as a safe, low-risk investment, GWG Holdings halted its interest and principal payments. Shortly thereafter, in April 2022, GWG Holdings filed for Chapter 11 bankruptcy. GWG Holdings along with its network of broker-dealers are subject to a SEC investigation into the sales of L Bonds.
According to securities attorney Lawrence L. Klayman, Esq., “Private placements provide limited information for investors to evaluate. Brokerage firms had a responsibility to investigate and monitor red flags associated with GWG Holdings and its L Bonds to protect their customers. The firm’s failure to conduct required due diligence caused our elderly client substantial harm, and the firm should be held liable in a FINRA arbitration claim.”
The sole purpose of this release is to investigate on behalf of our clients who purchased GWG L Bonds through full-service brokerage firms, including American Equity Investment Corp. Former and current customers of full-service brokerage firms such as American Equity Investment Corp. 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 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 more than $230 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico