GWG Holdings, Inc. (OTCMKTS:GWGHQ)
HARRISON, TN, US, October 3, 2022 /EINPresswire.com/ — An elderly Tennessee couple are the second investors to file a FINRA arbitration case (Case No. 22-02155) against Morgan D. Hill and Center Street Securities. The investors seek to recover $100,000 after purchasing a GWG Holdings, Inc. (OTCMKTS: GWGHQ) L Bond just days before the sale of L Bonds was suspended. Due to the nature of the misconduct, customers of Morgan Hill and Hill & Hill Financial are encouraged to read on to determine if they have experienced similar service.
The ailing retirees were first connected with Morgan Hill around 2019 after receiving one of his mailers for a free dinner to learn about retirement investing. After the sale of a property in 2021, the investors sought Hill’s advice about how to invest the proceeds conservatively. At Hill’s recommendation, on April 1, 2021, the investors used the proceeds to purchase a $100,000 GWG L Bond. On April 16, 2021, just days later and unbeknownst to the investors, GWGH suspended the sale of L Bonds.
In April 2022, following the announcement of GWG’s bankruptcy, the concerned investors met with Hill. At this meeting, Hill told the investors that there were no issues with the L Bonds. It was also at this meeting that the investors learned Hill did not own any L Bonds himself – a misrepresentation used to gain the investors trust at the time of sale.
According to securities attorney Lawrence L. Klayman, Esq., “Brokerage firms and their financial advisors have a responsibility to conduct due diligence on any investment product sold to customers. They also must disclose their findings to investors, such as the numerous red flags associated with GWG’s L Bonds. Center Street and Hill failed in their responsibilities.”
Customers of Morgan D. Hill, Hill & Hill Financial LLC, and Center Street Securities 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 attorney Lawrence L. Klayman, Esq. at 1 (888) 997-9956 or email@example.com.
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 $245 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.