Law Firm KlaymanToskes Seeks Recovery for Investors in GWG L Bonds
WESTLAKE, CA / ACCESSWIRE / November 21, 2022 / National investment fraud lawyers KlaymanToskes has filed FINRA Case 22-02652 on behalf of a family seeking $1.2 million in damages from Western International Securities and its broker, David Wayne Karin. The investors are those of many that trusted Western and its advisors to safeguard their savings, and in return, are struggling to recover from investment losses at Western's recommendations.
According to the claim, one of the investors was referred to Karin by friends from her local church, Saints Peter & Paul Maronite Catholic Church located in Simi Valley, CA. Karin recommended that the family invest $1,220,000 in 8 "safe, low risk" GWG L Bonds (OTCMKTS:GWGHQ) with maturities ranging from 3 years to 7 years. The GWG L Bonds are in fact high-risk, alternative investments.
Western International Securities Customers Beware
These recommendations are not an isolated incident for Western. In June, the Securities and Exchange Commission charged Western and 5 of its brokers with violations related to the sale of securities such as L Bonds. More recently, Western signed an AWC agreeing to pay over $870,000 in restitution and fines relating to unsuitable investment advice concerning non-traded REITs and ETFs.
Securities attorney Lawrence L. Klayman, Esq. explains, "Brokerage firms and their advisors are required to make recommendations in the best interest of their clients. Clearly, Western has a pattern of disregarding this responsibility, and as a result, has seriously harmed many investors. In addition to regulatory actions, Western can be held liable in a FINRA arbitration claim."
Customers of full-service financial advisors such as Western International Securities and David Karin with losses in excess of $100,000 are encouraged to contact Lawrence L. Klayman, Esq. at 1 (888) 997-9956 or [email protected] for a free, confidential consultation.
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 more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
SOURCE: KlaymanToskes, P.A.