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According to FINRA Disciplinary actions for June 2022, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Dalila Costa-Leroy   Spartan Capital Securities, LLC
  National Securities Corporation
  Carlos Guzman   U.S. Bancorp Investments, Inc.
  Fifth Third Securities, Inc.
  Michael Leahy   First Standard Financial Company LLC
  Alexander Capital, L.P.
  Henry Moore   LPL Financial LLC
  Summit Brokerage Services, Inc.
  Michael Muratore   Benchmark Investments, LLC
  LPL Financial LLC
  Scott Reynolds   Avatar Securities, LLC
  Spartan Securities Group, Ltd.
  James Shelburne   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

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According to FINRA Disciplinary actions for June 2022, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Kyleigh Haynes   Northwestern Mutual Investment Services, LLC
  Grant Hebeisen   U.S. Bancorp Investments, Inc.
  Ameriprise Financial Services, Inc.
  Carl Ippolito   Pruco Securities, LLC
  Eagleview Securities, Inc.
  Jaime Quintero   American Independent Securities Goup, LLC
  AFA Financial Group, LLC
  J-waun Smiley   Morgan Stanley
  Charles Schwab & Co., Inc.
  John Sommo   UBS Financial Services Inc.
  Wells Fargo Advisors, LLC
  Albert Tejada   Northwestern Mutual Investment Services, LLC

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A recent Wall Street Journal article details the process by which GWG Holdings’ founders and a board director used hundreds of millions of dollars paid by GWG L Bonds investors to fund their own startups and kept their startups away from investors. Silver Law Group represents GWG L Bonds investors in FINRA arbitration claims to recover their investment losses. Contact us at 800-975-4345 for a no-cost, confidential consultation. GWG Sells $1.3 Billion In L Bonds GWG Holdings is a Dallas, TX-based financial services company that offered alternative investments and life insurance. The company was founded in 2006 by Jon and Steven Sabes. The company created their L Bond in 2012. Borrowed money was used to buy life insurance policies from people who wanted cash, and L Bond investor money was used to pay premiums and buy new policies. GWG would collect the payout when the policyholder died and pay investors a portion of the profits, investors were told.A recent Wall Street Journal article details the process by which GWG Holdings’ founders and a board director used hundreds of millions of dollars paid by GWG L Bonds investors to fund their own startups and kept their startups away from investors.

Silver Law Group represents GWG L Bonds investors in FINRA arbitration claims to recover their investment losses. Contact us at 800-975-4345 for a no-cost, confidential consultation. Continue reading ›

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Silver Law Group is representing and filing claims on behalf of multiple investors who lost money on GWG Holdings L Bonds. These “alternative investments” were marketed to retirees looking for a safe and stable form of income. The illiquid, non-traded investments were sold by licensed financial representatives and their brokerage firms. Securitiesfraudattorneys.com is lead by Scott Silver, Esq, a leading investor advocate, chair of the securities fraud group of AAJ and a frequent commentator, author and lecturer on avoiding Ponzi schemes and prosecuting securities fraud cases. After a series of events including an SEC investigation, GWG Holdings was unable to make its interest payments on January 15, 2022, totaling $10.35 million and principal payments totaling $3.25 million. The company also ceased sales of the L Bonds on January 10, 2022, and ultimately declared Chapter 11 bankruptcy in April of 2022. This left investors stranded. They can’t sell the bonds. L Bonds investors are now left wondering what will happen, and if they’ll ever get any money back. Because the GWG L Bonds were private investments, they were never intended for average investors, especially retirees. Knowing that these investments were likely unsuitable, or over-concentrating a portfolio in these risky investments, your broker, investment advisor, and their firms may be liable for your losses.Silver Law Group is representing and filing claims on behalf of multiple investors who lost money on GWG Holdings L Bonds. These “alternative investments” were marketed to retirees looking for a safe and stable form of income. The illiquid, non-traded investments were sold by licensed financial representatives and their brokerage firms. Securitiesfraudattorneys.com is lead by Scott Silver, Esq, a leading investor advocate, chair of the securities fraud group of AAJ and a frequent commentator, author and lecturer on avoiding Ponzi schemes and prosecuting securities fraud cases. Continue reading ›

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Did you lose money investing in GWG Holdings Inc. L Bonds? Our securities and investment fraud attorneys are representing investors on a contingency fee basis to help recover our clients losses.  Read more about our experience handling these types of cases at securitiesfraudattorneys.com.   Scott Silver, Esq, is the chairman of the securities fraud group of the American Association of Justice and a frequent author and speaker on investment fraud matters. Silver Law Group is representing investors in claims against the broker-dealers who sold GWG L Bonds to investors. Claims to recover investment losses allege that the broker-dealers failed to conduct adequate due diligence on the investment, among other causes. Our securities fraud attorneys have already filed multiple FINRA arbitration claims. If you're an investor who believed that the L bonds would be a benefit to your portfolio, you're not alone. Unfortunately, the highly touted L bonds Were neither publicly traded nor liquid, and highly risky.Did you lose money investing in GWG Holdings Inc. L Bonds? Our securities and investment fraud attorneys are representing investors on a contingency fee basis to help recover our clients losses. Read more about our experience handling these types of cases at securitiesfraudattorneys.com. Scott Silver, Esq, is the chairman of the securities fraud group of the American Association of Justice and a frequent author and speaker on investment fraud matters. Continue reading ›

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Silver Law Group is representing GWG Holding L Bonds investors.  GWG stopped paying dividends in January, 2022. GWG then suspended sales of the L Bonds. Following the company’s Chapter 11 bankruptcy in April, investors are wondering if they will be able to recover any of their money from this company. GWG’s L Bonds were very risky investments that the company should have only recommended to sophisticated institutional investors that had a high tolerance for risk. Many of the L Bond investors were retirees looking for a stable and secure income source. The L Bonds were totally unsuitable for retirees with a more conservative investment objective who were interested in their principal being kept safe. Unfortunately, these investors were sold a risky, illiquid investment by brokers and their firms who failed in due diligence before recommending these L Bonds. What An Investor Can Do to Recover GWG Losses While you may recover something from GWG’s bankruptcy, it’s a long wait and a long shot that most of the principal will be recovered. The company’s Chapter 11 is a reorganization, and it may be many months before they release any information about what happens next.Silver Law Group is representing GWG Holdings L Bonds investors. GWG stopped paying dividends in January, 2022. GWG then suspended sales of the L Bonds. Following the company’s Chapter 11 bankruptcy in April, investors are wondering if they will be able to recover any of their money from this company. Continue reading ›

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Arkady Ginsburg (CRD:#5256747) is a registered broker who is currently employed with Aegis Capital Corp. (CRD#:15007) of New York, NY. He was previously employed with Rockwell Securities LLC (CRD#:142483) of New York, NY, and S.W. Bach & Company (CRD#:43522) of Port Washington, NY. He has been in the industry since 2006. Scott Hananel (CRD:#3080827) is a previously registered broker last employed with Aegis Capital Corp. (CRD#:15007) of Melville, NY,  Gunnallen Financial, Inc (CRD#:17609) of Farmingdale, NY, and Milestone Group Management LLC (CRD#:44486) of Lake Success, NY. He has been in the industry since 1998. Both brokers worked for Aegis and suspended by FINRA for similar allegations. Ginsburg has only one customer dispute, filed on 2/12/2018. The customer alleged “unauthorized trading and unsuitable investment recommendations.” The client requested damages of $32,398.00, and the firm settled the claim for $12,635.22.Arkady Ginsburg (CRD:#5256747) is a registered broker who is currently employed with Aegis Capital Corp. (CRD#:15007) of New York, NY. He was previously employed with Rockwell Securities LLC (CRD#:142483) of New York, NY, and S.W. Bach & Company (CRD#:43522) of Port Washington, NY. He has been in the industry since 2006. Continue reading ›

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Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. LPL Financial discharged Mandel on 1/19/2022 for “selling away.” He allegedly solicited both firm and non-firm customers to invest in a company not approved by LPL Financial. He failed to notify the firm of his intentions as well as request the firm’s approval in writing. Mandel was briefly associated with Randy Neumann Wealth Management after LPL Financial. This firm discharged him a few days after LPL Financial, on 1/22/22, due to the allegations. FINRA began an investigation into Mandel’s activities and determined that he had solicited many customers for an investment into a tequila production company. Some of the customers were from LPL Financial, some were not.Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. Continue reading ›

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Eric Nicolassy (Eric Edward Nicolassy CRD# 6244539) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the industry since 2014. On 10/04/2021, a client filed a dispute with allegations of “Suitability, Excessive Trading, Unauthorized Trading, Breach of Fiduciary Duty.”  The client’s requested damages total $103,056.69. Nicolassy denies the allegations. This dispute is currently pending. FINRA initiated an investigation into this client dispute. Its findings concluded that from August 2018 through July 2019, Nicolassy excessively and unsuitably traded in four customer accounts, one of whom was an 83-year-old retired real estate broker. Between 5/29/2019 and 5/16/2019, Nicolassy also exercised discretionary authority to effect at least 18 trades in four customer accounts without getting prior written authorization from them. This activity occurred during his employment at Woodstock Financial Group. The elderly customer paid $71,409.09 in commissions and $10,410 in trade costs and margin interest, experiencing losses of more than $125,000.Eric Nicolassy (Eric Edward Nicolassy CRD# 6244539) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the industry since 2014. Continue reading ›

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If you were an investor in GWG Holdings L Bond series, you know by now that the company has filed for Chapter 11 bankruptcy. The company failed to pay its dividend considering its recent financial issues.

If you’re in the class of people who have invested in a product you believed would pay handsome dividends, you may be wondering what to do next. As an investor, there are a few options are available to help recover your losses. Continue reading ›

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