Talk of The Villages Florida - View Single Post - Need help for my parents they have GWG L Bonds with Michael Whitaker and Associates
Thread: Need help for my parents they have GWG L Bonds with Michael Whitaker and Associates
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Old 03-31-2023, 06:15 AM
retiredguy123 retiredguy123 is offline
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Originally Posted by spinner1001 View Post
I’m calling BS.

Legal duties of brokers are mainly established under state laws. Lawsuits against brokers by their investment clients for breach of fiduciary duty seeking damages are filed in state courts, and not in Federal courts.
The requirement to act as a fiduciary when giving advice for retirement accounts is a Federal law. It doesn't apply to non-retirement accounts.