The Financial Industry Regulatory Authority (FINRA) has sanctioned David Lerner Associates, Inc., and three of its registered representatives for the unsuitable sale of illiquid, high-commission, proprietary energy securities to its customers, specifically Energy 11, L.P., and Energy Resources 12, L.P. According to FINRA, David Lerner sold nearly $600 million of…
Background: GWG Holdings, Inc. (“GWG”) filed for Chapter 11 bankruptcy protection on April 20, 2022. GWG’s Chapter 11 bankruptcy plan (the “Plan”) went into effect on August 1, 2023. As part of the Plan, GWG’s assets were liquidated through the GWG Wind Down Trust. As of December 31, 2024, the…
On April 2, 2025, the GWG Wind Down Trust filed its status report with the United States Bankruptcy Court for the Southern District of Texas, providing crucial updates for GWG L Bond investors. This report details the Trust’s activities for the quarter and year ending December 31, 2024, revealing that…
**Updated: April 30, 2025**: According to new court filings, the GWG Wind Down Trust estimates that the cumulative distribution from the four settlements will be between 2.694% and 3.446% of the approximately $1.67 billion in pre-petition GWG L Bond holdings that are now Series A1 WDT Interests. That is, GWG…
On March 7, 2025, the Securities and Exchange Commission (SEC) announced settled charges against Momentum Advisors LLC, a New York-based registered investment advisory firm, along with its former managing partner Allan J. Boomer and former chief operating officer Tiffany L. Hawkins. The SEC’s orders detail serious breaches of fiduciary duty,…
Iorio Altamirano LLP, a nationally recognized securities arbitration law firm, is investigating Baker Tilly Capital, LLC, for its role in selling private placement Qualified Opportunity Zone (QOZ) funds, including Block 216 QOF, LLC. This investigation focuses on potential misconduct related to the sale of these high-risk investments to retail investors,…
Key Points David Jerke, a former LPL Financial LLC broker, was barred by FINRA for refusing to cooperate with an investigation. LPL Financial terminated him in December 2024 for allegedly soliciting a loan from a customer, violating firm policy and FINRA Rule 3240. The bar, effective from January 2025, highlights…
As securities arbitration attorneys advocating for investors against brokerage firms like Merrill Lynch, we frequently encounter cases where brokers breach their duty to act in their clients’ best interests. One such case involves William Worthen King, a former Merrill Lynch broker who was recently sanctioned by FINRA and allowed to…
If you’re a GWG L Bond investor, the past few years have likely been a rollercoaster of frustration and uncertainty. The bankruptcy of GWG Holdings, Inc. in 2022 left thousands of investors—many of whom are retirees or conservative savers—reeling from significant financial losses. At Iorio Altamirano LLP, we’ve been fighting…
On February 28, 2025, a FINRA arbitration panel delivered a staggering $92 million award against UBS Financial Services, Inc. and its broker, Andrew Burish, marking one of the largest investor victories in recent memory. The case, FINRA No. 21-00488, involved nine claimants who alleged that UBS and Burish mismanaged their…