NEW YORK, NY, USA, January 8, 2024 /EINPresswire.com/ — National investment loss attorneys KlaymanToskes continues to investigate Arete Wealth Management following the recent filing of a $950,000 lawsuit on the behalf of GWG L Bond investors. The firm believes many investors are still suffering from the aftermath of GWG Holdings’ bankruptcy filing in April 2022, which has yet to be resolved. Customers of Arete Wealth Management who have suffered investment losses due to GWG L Bonds and/or other alternative investments should contact the firm immediately at 888-997-9956 to discuss alternative recovery options.
In April 2022, GWG Holdings, Inc. filed for bankruptcy, suspending their monthly dividends and leaving investors without access to their principal. In August 2023, the GWG L Bonds were canceled, and investors were issued “Interests” in the Wind Down Trust. The value of the Interests and timeline for the bankruptcy’s resolution remain uncertain.
It is KlaymanToskes’ opinion that the L Bondholders will NOT likely obtain a significant recovery from the bankruptcy proceeding and what they do receive will take significant time to recover. Accordingly, it is in L bondholders best legal interest to pursue FINRA arbitration claims against brokerage firms that sold this product, such as Arete Wealth Management.
KlaymanToskes recently filed a FINRA arbitration claim (no. 23-02389) against Arete Wealth Management on the behalf of a retired couple who are seeking to recover damages of up to $950,000 in connection with being recommended to invest in unsuitable alternative investments including illiquid GWG L Bonds, by their financial advisor, Lawrence Greenfield (CRD# 4056913).
The claim alleges the risks associated with the L Bonds were not disclosed to the customers, as the alternative investments were unlisted and highly speculative. As unsophisticated investors with no prior experience in Alternative Investments, the customers were unaware that the investments were illiquid and essentially locked-up until maturity.
GWG L Bondholders who suffered losses at Arete Wealth Management and/or any other brokerage firm, are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free and confidential consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
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 over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Lawrence L. Klayman, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
lawrence@klaymantoskes.com