Iorio Law PLLC Investigates Ausdal Financial Partners, Inc. For the Sale of GWG L Bonds

Iorio Law PLLC and its experienced GWG Holdings L Bonds attorneys, representing retail investors nationwide, continue to investigate and file claims against Ausdal Financial Partners, Inc. for its sale of speculative, high-risk, illiquid, high-commission, and unrated GWG L Bonds to retail investors.

The law firm’s investigation is ongoing after three separate arbitration panels awarded investors damages in connection with the sale of L Bonds by their financial advisors and firms.

In addition to these arbitration awards, brokerage firms have settled cases with investors who have filed arbitration claims. According to our law firm’s review of public disclosure reports of individual brokers, Ausdal Financial Partners and/or its brokers have been the subject of at least 26 customer disputes connected with its sale of GWG L Bonds to retail investors. Of the 26 disclosed disputes, 12 are still pending, and 14 have been settled. The cases that have been settled have recovered an average of approximately 41% of the alleged damages, with a range of recoveries primarily between 30 and 70%. Some of these matters involved a variety of securities in addition to GWG L Bonds.

We represent dozens of GWG L Bond investors across the country and encourages investors who are taking a “wait and see approach” to act now. As the GWG Wind Trustee continues to liquidate GWG’s assets, it is becoming more evident that the GWG L Bonds, now the New Series A1 WDT Interests, are nearly worthless.

Our law firm continues to believe that GWG L Bonds investors’ best avenue for potential recovery of losses is to file a separate FINRA arbitration claim against their brokerage firms. We have already helped GWG L Bond investors recover nearly $2 million in losses. These claims are separate and in addition to the liquidation of GWG through the GWG Wind Down Trust.

Investors who purchased GWG L Bonds through Ausdal Financial Partners or any other broker-dealer are encouraged to contact Iorio Law PLLC (www.gwglawyer.com) for a free and confidential consultation and to review their legal rights. We can review and analyze potential claims and advise individuals of their legal rights without obligation or cost.

To read more about GWG L Bonds and the alleged misconduct, please visit our investigation page: Iorio Altamirano LLP’s Investigation of GWG L Bonds.

Ausdal Financial Partners, Inc. (CRD No. 7995)

Ausdal Financial Partners, Inc. is a dually registered investment adviser and broker-dealer headquartered in Davenport, Iowa. The firm is registered in 52 U.S. states and territories and has approximately 200 registered representatives nationwide.

GWG Holdings, Inc. sold the GWG L Bonds through a dealer-manager and a network of regional broker-dealers, including Ausdal Financial Partners, Inc., who pitched the products to individual retail investors. GWG’s dealer-manager and selling agents, such as Ausdal Financial Partners, Inc., received up to 5% of the principal amount of the GWG L Bonds sold. The selling brokerage firms also received additional compensation and commissions, up to 8% of the aggregate gross proceeds from the sale of GWG L Bonds.

Ausdal Financial Partners, Inc. was one of the largest sellers of the GWG L Bonds to retail customers between 2018 and 2022, receiving at least $1.1 million in commissions from GWG Holdings for brokerage services. Accordingly, we believe that Ausdal Financial Partners, Inc. sold approximately $20 million in GWG L Bonds during this time period.

Upon information and belief, GWG L Bonds were sold by the following brokers who were associated with Ausdal Financial Partners:

• David Geake, Northbrook, IL (CRD No. 3088891) – Barred from the securities industry.
• Andrew McCausland, Northbrook, IL (CRD No. 1595011).
• John DeWitt, Moline, IL (CRD No. 1999161).
• Samuel Julian, Carmel, IN (CRD No. 4488869).
• Scott Lee, Cold Spring, MN (CRD No. 4409541).
• Travis Wolfe, Downers Grove, IL (CRD No. 5851265).
• Max Birkinbine, North Oaks, MN (CRD No. 6836583).
• Randy Birkinbine, North Oaks, MN (CRD No. 2008599).
• David Frohlichstein, St. Charles, IL (CRD No. 1582362).
• John Lancaster III, Glen Ellyn, IL (CRD No. 1293652).
• David Lundquist, Elgin, IL (CRD No. 2784929).
• Randall McGill, Homer Glen, IL (CRD No. 1309727).
• Wilfredo Miranda, Oakbrook Terrace, IL (CRD No. 3273284).
• Walter Nagle, Orland Park, IL (CRD No. 2208043).
• Brian Napier, Greenwood, IN (CRD No. 4555202).
• Jeffrey Peters, Bettendorf, IA (CRD No. 2580603).
• Merriam Rink, Bettendorf, IA (CRD No. 1380705).
• Robert Barghini, Jr., Maple Grove, MN (CRD No. 3141715).

Brokers and brokerage firms like Ausdal Financial Partners, Inc. are required to make investment recommendations that are suitable and in the best interest of their customers. Brokerage firms and financial advisors must also be truthful and disclose all material information and risks of a security when making a recommendation. Retail investors have the right to make an informed decision about whether they are willing to accept the risk of a security. Firms and brokers must also conduct reasonable due diligence on products they offer before recommending them to any clients. When a firm or advisor fails to meet these standards of conduct, they can be held liable for damages.

August 2025 Update: Millions Recovered for GWG L Bond Investors

A Comprehensive Guide for GWG L Bond Investors

Iorio Law PLLC, led by GWG recovery attorney August M. Iorio, has already recovered over $3.5 million for GWG L Bond investors nationwide. We represent clients on a contingency-fee basis, so there’s no fee unless we achieve a recovery.

Attorney August M. Iorio has been investigating the sale of GWG L Bonds for years and has prepared a comprehensive guide to help investors understand what happened and their options: GWG L Bond Investor Recovery Center

Key Information for GWG L Bond Investors:

• Time-Limits: Investors generally have six years from their purchase date to file an arbitration claim. Don’t wait—delaying action could lead to your claim being dismissed for timeliness.

• Minimal Recovery Bankruptcy: Investors can only expect to receive an estimated 2.7% – 3.45% of their original investment through the GWG bankruptcy liquidation and Wind Down Trust.

• Investor Success: FINRA Arbitration Awards: Despite GWG’s dismal liquidation outcomes, investors have a viable path to recovery through FINRA arbitration claims against brokerage firms that sold these risky securities. As of August 14, 2025, investors have won monetary awards in 18 of 20 (90%) of FINRA arbitration trials.

• Broker-Dealer Misconduct & Regulatory Action: FINRA has sanctioned over a dozen brokers and brokerage firms who sold GWG L Bonds to retail investors. The SEC has recently settled with Emerson Equity and Tony Barouti and Western International Securities.

Don’t delay. The longer you wait, the greater the risk that your claim may be barred by time limits. If you’ve invested in GWG L Bonds, contact us for a free, confidential case evaluation.

If you have invested in L Bonds offered by GWG Holdings, contact us for a free, confidential case evaluation.

📞 Call: (646) 330-4624
📧 Email: info@iorio.law
📍 Location: One World Trade Center, 85th Floor, New York, NY 10007
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We are committed to holding brokerage firms accountable and helping investors recover their GWG L Bond losses.

About Iorio Law PLLC

Iorio Law PLLC is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.

With 15 years of combined experience, our securities arbitration lawyers have helped investors recover nearly $100 million in over 700 cases. We will file a FINRA securities arbitration claim on your behalf on a contingency fee basis. If we do not obtain a recovery, you pay no legal fee.