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, 12:34 PM
MDFlyer MDFlyer is offline
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Quote:
Originally Posted by SallyB View Post
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
It would be interesting to know if Michael L Whitaker or any of his close family owned GWG and if they did when did they get rid of it. If they dumped it before GWG failed, while Michael L Whitaker was still telling us everything was OK and to hang on to what we had.