Quote:
Originally Posted by MDFlyer
Yes, Michael L Whitaker pushed the sale of GWG as part of our portfolio with his company. He had many dinners and golf outings sponsored by GWG. If GWG were drugs I would call him a drug pusher. There were other events, that involved investments by my son, that did not look like he was acting as a fiduciary and only in it for the commissions. High risk = High Commissions, Often trades = More Commissions and as the wheel turns it goes faster and faster until it is out of control. The worst part and most telling, in my mind was he did not get us out when he knew they had missed mandatory reporting dates.
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Just read that GWG stopped buying life insurance policy in 2019 which made the L Bond have no market value.
Again, we have to ask why Michael didn't know this or did he and just kept selling them anyways.
Why didn't Michael let his clients know the second he knew the company missed their filing deadline with the SEC and give the people the option to stay in or sell. Would he have lost commissions?