Iorio Altamirano LLP Files Six-Figure Arbitration Claim for Permanently Disabled Quadriplegic Woman Against Western International Securities Over GWG L Bonds
Iorio Altamirano LLP has filed a six-figure FINRA arbitration claim against Western International Securities, Inc. ("Western International") (FINRA Case No. 23-00492). The claim alleges that Western International and its broker Heath Goldstein unsuitably recommended that a 52-year-old permanently disabled quadriplegic invest a significant portion of her irreplaceable financial assets into speculative, high-risk, illiquid, and unrated L Bonds issued by GWG Holdings, Inc. ("GWG Holdings").
The FINRA arbitration complaint comes after the United States Securities and Exchange Commission filed a lawsuit against Western International Securities, Inc., and several of its brokers in California Central District Court (2:22-cv-04119) last June in connection with the sale of L Bonds to retail customers. The firm is accused of failing to perform due diligence regarding the inherent risks associated with L Bonds issued by GWG Holdings, Inc.
According to court records, Western International received at least $3 million in commissions from GWG Holdings for selling L Bonds to retail investors between April 2018 and April 2022.
GWG Holdings filed or Chapter 11 bankruptcy on April 20, 2022 (4:2022-bk-90032). Many GWG L Bond investors are skeptical that they will receive any significant portion of their principal back.
As GWG Holdings, Inc. continues to navigate the bankruptcy process, Iorio Altamirano LLP (gwglawyer.com) is committed to helping GWG L Bond investors with meritorious claims recover their losses by filing arbitration claims against brokerage firms that sold these risky L Bonds to retail investors.
Iorio Altamirano LLP, a nationally recognized securities arbitration law firm, represents GWG L Bond investors in arbitration actions against broker-dealers across the country; based on the law firm's investigation, there appears to have been widespread negligence and misconduct connected with the sale of GWG L Bonds.
What Investors Can Do: GWG L Bond investors should contact securities arbitration law firm Iorio Altamirano LLP to review their legal options. The firm will review the terms of investors' GWG L Bond investments at no cost. Customers may be entitled to compensation without paying any out-of-pocket fees or costs through a contingency fee arrangement with securities arbitration law firm Iorio Altamirano LLP. To set up an evaluation, email securities arbitration attorneys August Iorio at [email protected] or Jorge Altamirano at [email protected]. Alternatively, call the firm toll-free at (855) 430-4010.
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