[SallyB]

QUESTION: Has anyone received payment of any kind from GWG?????? Like Michael has promised.

[Carla B]

Just received another invitation from him to attend one of his "informative" dinner meetings at Lopez Legacy in October, on the 3rd or the 9th.

[Toymeister]

Originally Posted by Carla B

Just received another invitation from him to attend one of his "informative" dinner meetings at Lopez Legacy in October, on the 3rd or the 9th.

I think that you should go and report back if he states that he is a fiduciary.

[Normal]

Originally Posted by Toymeister

I think that you should go and report back if he states that he is a fiduciary.

I think he turned 90 just recently? At what point should he even be doing this line of work anymore?

[Bilyclub]

Originally Posted by Normal

I think he turned 90 just recently? At what point should he even be doing this line of work anymore?

The son and brother are the front men now.

Also the online rag says a different TV dinner "advisor" just got locked up.

[Gpsma]

This never ending thread..ok, let it go on

Still dont get it that educated, intelligent people here fall for an “investment advisor” who is small and located in the villages.

Why?…dont know. So many people here use the major firms…fidelity, schwab, etc.

My guess…those that got scammed….greed got them…

[BlueStarAirlines]

Originally Posted by Gpsma

Still dont get it that educated, intelligent people here fall for an “investment advisor” who is small and located in the villages.

Why?…dont know. So many people here use the major firms…fidelity, schwab, etc.

My guess…those that got scammed….greed got them…

I don't think that is it. I think a lot of people want the personal touch that a small time local advisor can offer. Unfortunately, that sometimes equates to less oversight or the advisor taking liberties that wouldn't be tolerated at a larger firm.

Just my opinion, but if one is paying AUM (assets under management) or any brokerage\commissions you have the potential to be taken advantage of. There are many flat-fee fiduciary advisors that will guide without being tempted by commissions and churning accounts.

[Keefelane66]

Originally Posted by Bilyclub

The son and brother are the front men now.

Also the online rag says a different TV dinner "advisor" just got locked up.

Yes you are correct
“ A Villager known for luring potential investors with meals at restaurants has been jailed on a long list of fraud charges.

John Michael Gissas, 73, of the Village of Gilchrist, was booked without bond Thursday at the Sumter County Detention Center.

He and his financial firm had been under the cloud of a Securities and Exchange Commission investigation since 2020.

Gissas, who operated Retirement Evolution Group LLC of Wildwood has been accused of raising money for Par Funding, whose owners made “opportunistic loans” to small business owners across America – some at interest rates as high as 400 percent, according to the SEC filing. The Connecticut native raised more than $5.4 million from at least 62 investors for Par Funding through the offer and sale of promissory notes.”

[Plinker]

Originally Posted by BlueStarAirlines

I don't think that is it. I think a lot of people want the personal touch that a small time local advisor can offer. Unfortunately, that sometimes equates to less oversight or the advisor taking liberties that wouldn't be tolerated at a larger firm.

Just my opinion, but if one is paying AUM (assets under management) or any brokerage\commissions you have the potential to be taken advantage of. There are many flat-fee fiduciary advisors that will guide without being tempted by commissions and churning accounts.

Yes, but perhaps the reasons for hiring these small firms goes beyond wanting that personal touch. Is it too much to ask that a basic course in financial literacy be mandatory in high school? Topics could include learning to balance a checkbook, understanding amortization schedules and compound interest. Also, the pitfalls of debt and having a basic knowledge of bonds, stocks, mutual funds and IRA’s. Not an in depth dive but at least an introduction to these terms.

People need to realize that these free dinner offers are nothing more than a sales pitch. Instead of selling used cars they are selling annuities, life insurance and, at times, truly bizarre and risky products (GWG bonds, etc). Often, the salesmen are enriching themselves with fat commissions and have little concern for your financial health.

Am I suggesting people should be cynical and assume that anybody asking you to write a check may have ulterior motives? Yes, that is exactly what I am suggesting! While there are businesses that will treat you with respect and put your interests first, how can you tell the difference? The answer is due diligence including checking references along with license verification and NEVER paying prior to services rendered. Try to learn everything you can about the product being sold and get a second opinion. Never be shy about saying “NO” and walking away.

[SallyB]

Originally Posted by Normal

I think he turned 90 just recently? At what point should he even be doing this line of work anymore?

Michael is still working he is in his 60's

[SallyB]

Originally Posted by Keefelane66

Yes you are correct
“ A Villager known for luring potential investors with meals at restaurants has been jailed on a long list of fraud charges.

John Michael Gissas, 73, of the Village of Gilchrist, was booked without bond Thursday at the Sumter County Detention Center.

He and his financial firm had been under the cloud of a Securities and Exchange Commission investigation since 2020.

Gissas, who operated Retirement Evolution Group LLC of Wildwood has been accused of raising money for Par Funding, whose owners made “opportunistic loans” to small business owners across America – some at interest rates as high as 400 percent, according to the SEC filing. The Connecticut native raised more than $5.4 million from at least 62 investors for Par Funding through the offer and sale of promissory notes.”

Well Michael was the around $6 million with hundreds of investors. Wonder if SEC is looking at him.

[SallyB]

Investors holding GWL bonds need to seek immediate legal representation as time limits apply for filing claims. Broker dealers and financial advisors may be liable for investors’ losses due to their failure to disclose that the bonds involves significant risks.

A Deep Dive into GWG Wind Down Trust’s Assets
Portfolio of Life Insurance Policies

Latest Move: The Bankruptcy Court greenlit the sale of this portfolio on October 3, 2023, raking in a total of $10 million.

What It Means for L Bondholders: Expectations suggest they might pocket between $0 and $7 million in total. To put it in perspective, that’s merely 0.5% of the hefty $1.3 billion they’re owed.
Projected Recovery: 0 – 0.5%
FOXO Holdings – 4.6 Million Shares
Stock Status: FOXO’s stocks hover around $0.12 per share as of October 6, 2023.

Insider Insight: On October 3, Ms. Freeman dropped a bombshell. FOXO’s stocks might not be that lucrative after all. The company isn’t flourishing and is even pondering bankruptcy.

Projected Recovery: A nearly negligible 0 – 0.00001%

Stake in Beneficient – 169.7 Million Shares

Stock Update: Trading at approximately $1.29 per share as of October 6, 2023.

Financial Health: Beneficient is on shaky ground. Q2 2023 saw them incurring a staggering $1.15 billion loss.
Their cash reserves? A mere $4.4 million by July 31, 2023. Tough times have forced them to consider furloughs and layoffs.

Excluding goodwill, their net assets stood at $260 million as of June 30, 2023.

Legal Woes: The SEC has its eye on Beneficient. By June 29, 2023, they served a “Wells Notice,” hinting at potential legal battles tied to their association with GWG Holdings. Moreover, Beneficient’s top brass, including their CEO Brad Heppner, are also under the scanner.
Sell-off Challenges: Mr. Freeman highlighted the hurdles in offloading these shares. Given the low trading volume, finding a market for a massive 169.7 million shares seems ambitious.
Projected Recovery: Nominal at best.
Litigation Proceeds
Current Scenario: Michael Goldberg, the Litigation Trustee, will chase the “Retained Causes of Action” independent of the GWG Wind Down Trust. Any proceeds from these legal pursuits will solely fund the distributions under the confirmed Plan. However, diverting these funds for other purposes requires a nod from the Bankruptcy Court or the Litigation Trustee’s written consent.
Projected Recovery: It’s a toss-up!


Not looking good at all

The latest on GWG, still zero hope on any recovery

Beneficient stock is at $1.10 today, how are they going to pay back the funds received by GWG.

Still no payments but we all know there won't be any.

Maybe Michael will be the next one arrested seeing how he lost over $6 million in Villagers money.

[SallyB]

It is crazy what people can get talked into

A Southern California registered representative and a broker-dealer executive on Monday lost an arbitration claim of a little more than $1 million in damages to an investor who bought GWG Holdings Inc. L bonds in 2018.
The award appears to be the largest yet for a claim involving GWG bonds, according to a scan of Finra’s arbitration claims that have resulted a panel’s decision.

Remember you have 6 years from the date of purchase.

[MDFlyer]

Originally Posted by SallyB

Well Michael was the around $6 million with hundreds of investors. Wonder if SEC is looking at him.

It is my understanding that Whitaker has been under SEC investigation for over a year that is either ended this fall or may end soon. He reports to FINRA that he has had no investigations by SEC.

[Keefelane66]

Hold onto your wallet
“ A Villager accused of swindling fellow residents of more than $3 million has been released after posting a sizable bond he previously indicated he couldn’t raise.

John Michael Gissas, 73, of the Village of Gilchrist had been held since Sept. 28 at the Sumter County Detention Center on multiple charges of fraud. He was released this past week after posting $660,000 bond.

A bond hearing had been set for Dec. 12 in which Gissas’ attorney was scheduled to make the case for lowering the bond. Apparently, Gissas did not want to wait until December and found a way to come up with money.

According to the investigation that led to his arrest, Gissas placed ads in The Villages Daily Sun inviting residents to his investment seminars at the Waterfront Inn and VKI Japanese Steakhouse at Lake Sumter Landing. A Villages couple saw the ad in 2019 and attended Gissas’ seminar. They gave him $529,854 and never got a penny of it back. Another Villager lost $794,000 when she invested with Gissas. A total of 27 investors lost a total of $3.7 million with Gissas, according to the investigation report. There were said to be others who either could not be contacted or were too embarrassed to go on the record. The financial crimes investigator for the Florida Office of Financial Regulation found that Gissas from May 2018 to July 2020 “systematically deceived and took advantage” of the victims.”