SW Financial

GWG Bankruptcy Update (March 14, 2023): GWG Appears to be Headed Toward Liquidation

Published on: March 14, 2023 | by Iorio Altamirano

In court filings on March 11, 2023, GWG notified the Bankruptcy Court that it would submit a Second Amended Reorganization Plan after concluding a mediation with creditors and other stakeholders, including the Official Committee of Bondholders of GWG Holdings Inc. (“Bondholder Committee”). The latest plan, expected to be filed on or about March 14, 2023, proposes liquidation for GWG through the establishment of two liquidation trusts. The plan will likely be put up for a vote by creditors in the coming months.

Below is a high-level summary of GWG’s Second Amended Reorganization Plan based on recent court filings:

Under the Second Amended Reorganization Plan, GWG will no longer continue as a going concern.

SW Financial Broker, Joseph Lianzo, Suspended by FINRA for Excessively Trading Customers’ Accounts and Placing Unauthorized Trades

Published on: September 3, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Joseph Lianzo from the securities industry for eight months. Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four customers’ accounts and placed 13 unauthorized transactions in violation of FINRA Rules 2111 and 2010. As a result of churning and excessive trading, the customers incurred high commissions and fees, and significant realized investment losses.

Customers of Mr. Lianzo, Laidlaw & Company (UK) LTD, or SW Financial should consult with a securities arbitration law firm. If you or a loved one were a customer of Joseph Lianzo, Laidlaw & Company (UK) LTD, or SW Financial LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Laidlaw & Company (UK) Ltd or SW Financial.

Former Worden Capital Management LLC Broker, John Cangialosi, Suspended by FINRA for Excessively Trading 3 Accounts

Published on: August 13, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months. Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively traded three customers’ accounts in violation of FINRA Rules 2111 and 2010. In addition to the suspension, Mr. Cangialosi is also subject to a $7,500 fine and an order to pay $271,622 in restitution to clients. However, it is unclear whether Mr. Cangialosi will be able to satisfy the restitution order.

Customers of Mr. Cangialosi or Worden Capital Management LLC, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of John Cangialosi or Worden Capital Management LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

Boiler Room Broker, James Flower, Barred by FINRA for Excessive Trading, Churning, Unauthorized Trading, Mismarking Orders, and Targeting Elderly Investors

Published on: June 3, 2021 | by Iorio Altamirano

Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by cold calling people all over the country, focusing primarily on senior and elderly customers who are small business owners and retirees. Cold-calling customers is a common tactic for “boiler room” brokerage firms.

Mr. Flower was also ordered to pay restitution plus prejudgment interest to harmed customers. However, it is unclear whether he will be able to satisfy the judgment.

Mr. Flower was associated with Spartan Capital Securities, LLC since June 2019. Previously, he was associated with SW Financial from December 2015 to June 2019.

FINRA Files Enforcement Action Against Former Joseph Stone Capital, LLC. Broker Abdul Rahmani

Published on: April 16, 2021 | by Iorio Altamirano

**Update: November 8, 2021** On April 15, 2021, FINRA’s Department of Enforcement filed disciplinary proceeding No. 2019063626703 against former Joseph Stone Capital broker Abdul Rahmani. On October 28, 2021, Mr. Rahmani submitted an Offer of Settlement to FINRA’s Department of Enforcement. On November 2, 2021, FINRA’s Department of Enforcement and the National Adjudicatory Council (NAC), a Review Subcommittee of the NAC, or the Office of Disciplinary Affiars (ODA) have accepted Mr. Rahmani’s offer of settlement. Under the terms of the settlement, Mr. Rahmani has consented to a bar from the securities industry.

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FINRA Files Enforcement Action Against Former Joseph Stone Capital, LLC. Broker Abdul Rahmani