The national securities and investment fraud law firm Levin Law, P.A. (“Levin Law”) is continuing its investigation into Emerson Equity and other brokerage firms that offered, recommended, or sold GWG Holdings, Inc. (“GWG Holdings”) L Bonds. Reports indicate that the financial services firm GWG is preparing to file for Chapter 11 bankruptcy.
Investors who were recommended and sold GWG Holdings L Bonds are strongly encouraged to contact Levin Law for a free case evaluation to determine whether they may be eligible to pursue a lawsuit or arbitration to recover damages. Aggrieved investors may call (305) 402-9050 or contact Levin Law managing partner Brian Levin via email at firstname.lastname@example.org.
Among the firms alleged to have sold GWG L bonds include:
According to The Wall Street Journal, Dallas-based alternative asset manager GWG Holdings is currently preparing to file for Chapter 11 bankruptcy. The news comes after the company missed payments to investors and was unable to submit its 2021 financial report timely. Troubles seem to be mounting for the once-lucrative company in light of the recent resignation of its auditor and the inability to “address more than $2 billion of liabilities.”
In the Notification of Late Filing submitted to the U.S. Securities and Exchange Commission (SEC) on April 1, 2022, Chief Financial Officer Timothy Evans indicated that GWG Holdings would be unable to file its annual report because of the resignation of Grant Thornton LLP.
Grant Thornton had been the company’s independent registered public accounting firm but had notified GWG Holdings that they would not stand for reappointment. GWG has since been unable to engage another auditor to audit its financial statements for 2021. The CFO is unable to provide a reasonable timetable for when the annual report will be submitted.
GWG Holdings investors have sustained significant losses as a result of the company’s financial issues. Not only did GWG Holdings default on principal payments owed to investors, shares dropped substantially after the Wall Street Journal reported that the company was prepping for bankruptcy.
It is believed that investors were sold GWG Holdings L Bonds as safe, low-risk investments when in fact, the products carried a high degree of risk, were illiquid, and were highly speculative. Many of those recommended and sold GWG Holdings L Bonds were retirees or elderly clients, resulting in the loss of substantial portions of their portfolio.
Levin Law is currently investigating brokerage firms, including Emerson Equity, that recommended and sold GWG Holdings L Bonds. These investments were likely unsuitable recommendations for the average investor.
Claims against brokerage firms that sold GWG Holdings may be based on a failure to adequately disclose the risks associated with the investment, material misrepresentations and omissions, unsuitability, and the broker-dealer’s failure to supervise.
If you suffered losses as a result of investing in GWG Holdings L Bonds, contact Levin Law, P.A. for a free case evaluation. Managing partner Brian Levin has recovered millions of dollars on behalf of harmed investors. Call Levin Law at (305) 402-9050 or email Attorney Levin directly at email@example.com.
Most cases are accepted on a contingency fee basis, meaning that clients are not responsible for Levin Law attorneys’ fees unless money is recovered on their behalf.
Levin Law is a premier national cryptocurrency, securities, commodities, futures, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $150,000,000 through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.