Moloney Securities Customers: KlaymanToskes Continues to File Claims for GWG L Bond Investors
NEW YORK, NY, USA, December 8, 2023 /EINPresswire.com/ — National investment loss attorneys KlaymanToskes continues to investigate Moloney Securities following the filing of a $1,000,000 lawsuit on behalf of GWG L Bond investors. The firm believes many investors are still suffering from the aftermath of GWG Holdings’ bankruptcy filing in April 2022, which has yet to be resolved. Customers of Moloney Securities who have suffered investment losses due to GWG L Bonds and/or other alternative investments should contact the firm immediately at 888-997-9956 to discuss alternative recovery options.
In April 2022, GWG Holdings, Inc. filed for bankruptcy, suspending their monthly dividends and leaving investors without access to their principal. In August 2023, the GWG L Bonds were canceled, and investors were issued “Interests” in the Wind Down Trust. The value of the Interests and timeline for the bankruptcy’s resolution remain uncertain.
It is KlaymanToskes’ opinion that the L Bondholders will NOT likely obtain a significant recovery from the bankruptcy proceeding and what they do receive will take significant time to recover. Accordingly, it is in L bondholders best legal interest to pursue FINRA arbitration claims against brokerage firms that sold this product, such as Moloney Securities.
KlaymanToskes recently filed a FINRA arbitration claim (no. 23-03092) against Moloney Securities, and financial advisor Robert Vance, on the behalf of two retirees who are seeking to recover damages of up to $1,000,000 in connection with being recommended to invest in unsuitable, high-risk alternative investments, including illiquid GWG L Bonds.
In addition to making the unsuitable recommendations, Moloney and its representative concentrated all of the customers’ retirement savings in the illiquid L Bonds. Under the firms’ policy, Alternative Investments can only represent a percentage of a client’s liquid net worth, however, Moloney allowed the high risk investments to occur, and continued to promote L Bonds as safe, low risk investments to the customers.
GWG L Bondholders who suffered losses at Moloney Securities and/or any other brokerage firm, are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or [email protected] for a free and confidential consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration 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.
Lawrence L. Klayman, Esq.