IMPORTANT NOTICE TO CUSTOMERS OF ADVISOR GARRETT MORETZ/MORETZ WEALTH MANAGEMENT
If You Suffered Losses With Financial Advisor Garrett Moretz Contact the Law Firm of KlaymanToskes
MOORESVILLE, NC, USA, August 6, 2024 /EINPresswire.com/ -- National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of financial advisor Garrett Moretz (CRD# 4086791)1 of Moretz Wealth Management, who is facing fraud charges by the Securities and Exchange Commission (“SEC”) related to the sale of high-risk GWG L Bond investments2 to investors. The law firm urges customers who suffered investment losses with Garrett Moretz to contact the firm immediately at 888-997-9956.KlaymanToskes reports that the firm continues to investigate financial advisor Garrett Moretz and Moretz Wealth Management, following the filing of a complaint by the SEC which alleges that Moretz misrepresented GWG Holdings, Inc. L Bonds to investors as "guaranteed". Furthermore, the complaint alleges that Moretz “knew or was reckless in not knowing that investors were not guaranteed to receive interest payments on L Bonds or the return of principal invested in L Bonds.”
GWG L Bonds were corporate bonds issued by GWG and sold to retail investors through a network of broker-dealers and advisors, including Lifemark Securities Corp., where Moretz is currently registered as a broker/investment advisor in Mooresville, NC. On April 20, 2022, GWG filed for Chapter 11 bankruptcy, suspending their monthly dividends and leaving investors without access to their principal.
GWG offered L Bonds pursuant to prospectuses dated December 1, 2017 and June 3, 2020. Both of GWG’s prospectuses stated that “Investing in our L Bonds may be considered speculative and involves a high degree of risk, including the risk of losing your entire investment.” Additionally, the prospectuses disclosed that L Bond holders had no right to require GWG to redeem any L Bond prior to its due date, except in the case of the holder’s death, bankruptcy, or total permanent disability.
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 Moretz Wealth Management/Lifemark Securities Corporation.
Financial advisors and their firms may be held liable for any losses incurred by their customers in the event of unsuitable investment recommendations, misrepresentations or omissions of material facts, and/or an overconcentration of the customer’s portfolio in one particular investment, class, or market sector. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
Current and former customers of Garrett Moretz and/or any other financial advisor who suffered losses in GWG L Bonds are encouraged to contact attorney Steven D. Toskes3 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
1 http://klaymantoskes.com/broker-investigation/broker-misconduct-investigation-garrett-moretz-moretz-wealth-management/
2 http://klaymantoskes.com/gwg-holdings-l-bonds-lawsuit/
3 http://klaymantoskes.com/team/steven-d-toskes/
