**Update: November 1, 2023** On October 13, 2023, the GWG Wind Down Trust sold two of its four assets for only approximately $10.5 million. The GWG Wind Down Trust sold its largest tangible asset, its portfolio of life insurance policies, realizing only $10 million in cash. In addition, on October 13, 2023, the GWG Wind…
Continue reading ›An elderly couple in their upper 80s filed a FINRA arbitration claim against David Lerner Associates, Inc. (“David Lerner Associates”) to recover losses and damages of up to $1 million. The couple, represented by securities arbitration law firm Iorio Altamirano LLP, alleges that David Lerner Associates recommended an unsuitable investment strategy to invest and concentrate…
Continue reading ›Introduction When disputes arise between investors and brokerage firms, they are usually resolved through arbitration. The Financial Industry Regulatory Authority (FINRA) offers a streamlined and cost-effective dispute resolution forum for resolving disputes in the securities industry. In this blog post, we’ll take a deep dive into FINRA arbitration, its key features, benefits, and what you…
Continue reading ›On August 1, 2023, GWG Holdings, Inc.’s Chapter 11 bankruptcy plan (the “Plan”) went into effect. As part of the Plan, GWG will be liquidated, and two liquidating trusts have been created: (i) the Wind Down Trust and (ii) the Litigation Trust. As a result of the Plan going into effect, all securities issued by…
Continue reading ›On Tuesday, June 6, 2023, Jeffrey Lash, a former executive of GPB Capital Holdings, pleaded guilty to one count of wire fraud in federal court in Brooklyn, NY. In 2021, a federal grand jury brought criminal charges against Lash, David Gentile (founder and owner of GPB Capital), and a third individual, Jeffry Schneider. The charges…
Continue reading ›In a recent regulatory case, on May 5, 2023, the Financial Industry Regulatory Authority (FINRA) Office of Hearing Officers imposed sanctions on Centaurus Financial, Inc. and its financial advisor Donnie Ingram for engaging in unsuitable and unethical practices, as well as supervisory failures. Centaurus Financial, Inc. was censured and ordered to pay a $50,000 fine…
Continue reading ›On April 21, 2023, United States Bankruptcy Judge Marvin Isgur approved GWG’s Disclosure Statement that will be sent to creditors to vote on GWG’s Chapter 11 Plan (the “Plan”). The approval of the Disclosure Statement comes one year and one day after GWG filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court…
Continue reading ›**Update: April 22, 2023** On April 21, 2023, the Bankruptcy Court approved GWG’s further revised Disclosure Statement for its Second Amended Reorganization Plan. The Plan will now be sent to creditors, including L Bondholders, to accept or reject the Plan. For more information, please visit our most recent blog post: What L Bondholders Need to…
Continue reading ›Iorio Altamirano LLP, a securities arbitration law firm based in New York, NY, is investigating potential securities arbitration claims against Western International Securities, Inc. and its Pennsylvania-based broker, Heath Goldstein, for its sale of L Bonds issued by GWG Holdings, Inc. Western International Securities was part of a network of broker-dealers who sold the speculative,…
Continue reading ›The Securities and Exchange Commission has charged former Aegis Capital Corp. broker Surage Kamal Roshan Perera and his firm, Janues Capital Incorporated, with fraud and obtaining emergency relief in court, including a temporary restraining order and an asset freeze. The SEC alleges that from February 2022 until March 2023, the Bellrose, NY broker defrauded at…
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