Wednesday, June 29, 2022
HomePress ReleaseEIN PresswireDempsey Lord Smith Sued by Investor After GWG Holdings Files for Bankruptcy

Dempsey Lord Smith Sued by Investor After GWG Holdings Files for Bankruptcy

Marc Fitapelli, Esq.

Picture of Jeffrey Saxon

Jeffrey Saxon, Esq.

The arbitration grievance was filed on behalf of a GWG L Bond holder from North Carolina.

We symbolize dozens of GWG L bond traders from everywhere in the nation. Contact us to study why so many L Bond holders trusted our regulation agency with their case.”

— Marc D. Fitapelli, Esq.

NEW YORK, NEW YORK, USA, June 7, 2022 / — MDF Regulation publicizes the submitting of a lawsuit towards Dempsey Lord Smith regarding the advertising and marketing of GWG L Bonds, an funding supplied by means of GWG Holdings, Inc. Dempsey Lord Smith is a Georgia primarily based broker-dealer regulated by the Monetary Business Regulatory Authority. The lawsuit was filed in Charlotte, North Carolina by submitting an arbitration grievance with FINRA. The case quantity is 22-01228. FINRA has already expedited the arbitration primarily based on the investor’s age. The investor is suing for misplaced principal, curiosity and attorneys’ charges below the North Carolina Securities Act. The investor is being represented by attorneys Marc Fitapelli and Jeffrey Saxon of MDF Regulation.

GWG Holdings is a Texas primarily based firm that’s at the moment in chapter. It bought billions of {dollars} of “L bonds” to retail traders previous to submitting for chapter safety. In January 2022, it stopped making curiosity funds and redemptions to all of its L Bond holders. GWG’s April 20, 2022 chapter submitting was proceed with years of dangerous information. In October 2020, it was served with a subpoena requesting paperwork and knowledge from the Securities and Alternate Fee. GWG didn’t disclose the SEC’s subpoena to traders till November 2021. Many retail traders bought GWG not understanding the corporate was below investigation by the SEC.

GWG Holdings marketed L Bonds to retail traders nationwide. The funding was bought to aged folks, retirees and others who had been searching for a conservative stream of revenue. The FINRA grievance towards Dempsey Lord Smith alleges that it was negligent in approving L Bonds for sale. Corporations like Dempsey Lord Smith are required by regulation to undertake unbiased due diligence of investments like GWG Holdings. We imagine cheap due diligence might have uncovered critical and materials points with this funding. These points embody, for instance, GWG Holding’s advanced and obtuse enterprise operation in addition to its lack of ability to generate earnings. Given these points, it’s not stunning that lower than 1% of all broker-dealers nationwide accredited L Bonds for sale. We don’t imagine GWG ought to have been bought to any investor.

Should you bought L Bonds, we need to communicate to you. Our attorneys solely symbolize traders in FINRA arbitrations. We have now dealt with lots of of particular person FINRA arbitrations. Our regulation agency at the moment represents dozens of particular person GWG L Bond holders in arbitration instances all through the nation. Please name 800-767-8040 and ask to talk with attorneys Marc Fitapelli or Jeffrey Saxon to study why so many L Bond holders determined to belief MDF Regulation with their case.

Earlier than GWG filed for chapter, legal professional Marc Fitapelli ready a 15-minute presentation discussing this case. There’s a hyperlink to the presentation beneath. It can be accessed right here: In case you have questions on this case, please be happy to name Marc Fitapelli on his direct line at (212) 658-1501. Each he and his companion, Jeffrey Saxon, are fascinated with talking to traders who bought L Bonds by means of Dempsey Lord Smith or some other broker-dealer. We’re notably fascinated with talking to people who invested in different illiquid investments, together with annuities, non-traded REITs or different “bond” packages.

MDF Regulation PLLC

28 Liberty Road, thirtieth Flooring

New York, New York 10005

Receptionist: (800) 767-8040




Marc Fitapelli
MDF Regulation
+1 212-203-9300
electronic mail us right here

GWG L Bonds Lawsuit: Was Your Advisor Negligent?

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