Did Your Lifemark Securities Financial Advisor Recommend Investments in GWG L Bonds? Contact KlaymanToskes Immediately

NEW YORK, NY, USA, May 9, 2024 /EINPresswire.com/ -- National investment loss and securities attorneys KlaymanToskes is investigating Lifemark Securities on behalf of its client, after the brokerage firm’s unsuitable recommendations of GWG L Bonds caused a customer to suffer up to $100,000 in damages. Customers of Lifemark Securities who purchased GWG L Bonds and suffered investment losses should contact the law firm immediately at 888-997-9956.

KlaymanToskes reports the law firm has filed a FINRA arbitration claim (no. 24-00853) against Lifemark Securities Corp., on the behalf of an investor who is seeking to recover up to $100,000 in investment losses, in connection with being recommended to invest in unsuitable and illiquid GWG L Bond investments.

According to the lawsuit filed by KlaymanToskes, the customer is a retired and unsophisticated investor whose objective was to invest in a low risk, fixed income investment that would provide income while protecting her principal investment. Lifemark Securities represented to the customer that GWG L Bonds were safe, income producing bonds that would provide safety of principal. Lifemark further represented that the interest rate was guaranteed and that there was no market risk, as the L Bonds did not trade on the stock market.

As the GWG L Bonds were illiquid and unlisted, there were significant risks that were not disclosed to the customer. In April 2022, GWG Holdings, Inc. filed for bankruptcy, suspending their monthly dividends and leaving investors without access to their principal. GWG L bondholders are owed over $1.3 billion, however, GWG’s ability to monetize its assets remains highly uncertain and unlikely.

Most recently, on January 29, 2024, financials were filed with the bankruptcy court by the GWG Wind Down Trustee which confirmed that L bondholders will only receive a small fraction of their investments from the bankruptcy. Accordingly, it is in bondholders’ best legal interest to maximize their recovery of losses by filing FINRA arbitration claims against the brokerage firms and financial advisors who sold these unsuitable products, such as Lifemark Securities.

Current and former customers of Lifemark Securities who suffered investment losses in GWG L Bonds and/or any other investments are encouraged to contact attorney Steven D. Toskes, Esq. at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com

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