Thank you, Michael Whitaker, for having the courage to respond here.
I believe it is possible that you also were duped.
The web site you referenced is to the claims adminstrator. It does not provide any new information. It does tell you where and how to file a claim for the bankruptcy.
This is from another attorney's website, (MDF Law) He says these are facts.
Fast Facts About GWG Holdings
*The company filed for bankruptcy in Texas on April 20, 2022.
*It has been under investigation by the Securities and Exchange Commission since at least October 2020. GWG told investors about the investigation in November 2021 – nearly a year after receiving the first subpoena.
*GWG’s accountants resigned in December 2021.
*GWG Holdings has a complicated and obtuse corporate structure. The majority of its assets are owned by affiliates that did not file for bankruptcy.
*Beginning in 2018, the principals of GWG began “investing” investors’ money in their own personal business ventures. These “investments” were not disclosed to investors. There is more information about these transactions in the graphic below.
*In public filings with the Securities and Exchange Commission, GWG Holdings stated it could not pay interest to bondholders unless it continued raising new money. These statements raise serious questions about the legitimacy of GWG’s business operations.
*GWG L Bonds were not credit rated nor were they insured
Notice that point 6 is the very definition of a Ponzi scheme.
Also from MDF Law--
Were L Bonds low risk?
No. Despite its marketing to the contrary, L Bonds were a high-risk investment. This is what the prospectus for GWG L Bonds says, “Investing in our L Bonds may be considered speculative and involves a high degree of risk, including the risk of losing your entire investment.” Unlike most conventional bonds, L Bonds were not credit rated by any rating agency (i.e. S&P or Moody’s) nor were they insured. What’s worse, L Bonds were subordinated to GWG Holdings’ other creditors. This means that other creditors will be paid back first, before L Bond holders, in the event of a bankruptcy.
NEVER put more than 4-5% of your portfolio in any one investment.
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