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 04-14-2023, 10:31 AM
SallyB SallyB is offline
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Originally Posted by MDFlyer View Post
Cut an pasted from Michael L Whitaker and Associates web page : Michael L Whitaker & Associates, LLC is an independent firm with securities offered through Newbridge Securities Corporation, member FINRA, SIPC. Investment Advisory services through Newbridge Financial Services Group, Inc., an SEC Registered Investment Advisor.

FINRA at least requires agencies to be fiduciaries.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) Defendants intended to, and did, misappropriate GWG assets, (ii) GWG's life insurance investment business had failed, and (iii) GWG could only repay prior investors by issuing increasing amounts of securities to new investors. In essence, Defendants had turned GWG into a Ponzi scheme.
This is information from the Class Action Lawsuit.
Again I would like Michael, Mike1206 explain again how this is not a Ponzi Scheme