Originally Posted by mike1206? (Post 2220995)

Hello all, this is Michael L. Whitaker. As many of you know me personally, you know that I have served this community faithfully for 38 years and have always sought to put my clients’ interests first. While the attacks against me published on this forum by Mr. Hadaway (MDFlyer) are completely unfounded, they are still personally and professionally disturbing. In order to my clear my name, I have retained the law firm of Kaufman Dolowich & Voluck (“KDV”) in Fort Lauderdale, Florida to assist me in defending Mr. Hadaway’s claims. Hopefully, the following information from my counsel will assist in correcting some of the misstatements made by Mr. Hadaway on this forum.



Gregg Breitbart, a senior partner with KDV and the chair of its Financial Services Practice Group stated:

“Mr. Whitaker vehemently denies these defamatory accusations being made against him by Mr. Hadaway. Unlike Mr. Hadaway, we don’t intend to litigate this matter through blog posts. However, we are confident that the evidence in this case will establish, without doubt, that the investments that Mr. Whitaker recommended to Mr. Hadaway were all suitable and appropriate based on the information known at the time, and that the material risks and features of those investments were fully disclosed to Mr. Hadaway, and acknowledged by him in writing. The law requires that a financial professional like Mr. Whitaker have a “reasonable basis” to believe that a particular investment is suitable for a particular client, and it will be clear that Mr. Whitaker met that obligation here. The duty that Mr. Hadaway seeks to impose on Mr. Whitaker -- to accurately predict or guarantee the future performance of investments – does not, and cannot, exist.”



Zachary Hayes-Macaluso, an associate in KDV’s Financial Services group further stated as follows: “The fact is that all investments carry some risk, and not every investment will be profitable. Indeed, while Mr. Hadaway complains about a single investment that did not perform as expected, he is noticeably silent about the numerous other investments that Mr. Whitaker recommended to him that have performed well and yielded him profits. As such, we think that Mr. Hadaway’s use of this blog in an effort to smear the professional reputation of Mr. Whitaker is misguided and unfair, and Mr. Whitaker reserves all rights in connection therewith.”



With respect to the information posted here regarding investments in GWG, GWG is currently in the midst of Chapter 11 bankruptcy proceedings which seek to maximize the value of that company’s assets for its creditors, including the holders of its L Bonds. In fact, creditors of GWG are currently voting on a Chapter 11 plan that, if approved, is likely to result in material distributions to bondholders. (A court hearing to determine if that plan will be approved is currently scheduled for June 15, 2023.) While it is unfortunate that some of my clients have been impacted by events effecting GWG, I have continued to communicate with those clients regarding the status of their investments and any additional information as it becomes available. If you are interested in accurate information regarding the bankruptcy proceedings of GWG, this is the website where all such information and updates are posted publicly: Home - GWG Holdings, Inc., et al..



I am eternally grateful for the trust and confidence my clients have placed with me, and I hope this additional information puts to rest some of the false claims that have been posted about me recently on this forum.

Sincerely,
Michael L. Whitaker

Originally Posted by Gpsma (Post 2221483)

Mr Hadaway…did you look at what Mr Whitaker invested you in? Or did you give him all your money and let him do what he wanted?

As many people have said…go with the big guys, fidelity, shwab, vanguard…tell them your risk tolerance and they will kerp your investments in that lane.

Sorry you lost you money…but why go to a small shop here? Because you got recommended by friends that went to his rubber chicken luncheons?

Originally Posted by MDFlyer (Post 2221456)

Questions for Michael L Whitaker. 1. Did you own stock (L Bonds) in GWG? 2. When did you and or your family sell the investments in GWG? 3. Did you know that GWG was in trouble when you told your clients not to sell their investments in GWG? I don't expect answers to these questions as Michael L Whitaker only posts when he thinks it is to his advantage or when he wants to OUT someone.

Originally Posted by BlueStarAirlines (Post 2222124)

I'm not sure what possessed me to read all 16 pages of this thread, but it reinforced that there is no good reason to go with any small investment shop....for any reason.

So many lessons here for the general public, but the biggest for me is to stay away from any AUM/Commissioned brokers. I'm glad I use a fiduciary flat-fee investment advisor.

Originally Posted by Normal (Post 2222189)

Moderator, what is the purpose of continuing to keep this private spat on the board? Please move it to financial or whatever. Thanks

Originally Posted by MDFlyer (Post 2222192)

It doesn't seem to me that this is "a private spat". This concerns many seniors and others that lost millions of dollars dealing with Michael L. Whitaker and Associates.

Originally Posted by OrangeBlossomBaby (Post 2222197)

I haven't lost a dime with them. You did very well for six years. You should've cut bait and run while you had the chance. You chose otherwise. That's what happens when you gamble your money. It sucks, but it's a risk you choose to take. No one forced you to hold.

Originally Posted by Toymeister (Post 2222280)

The question MD Flyer should have is not if Michael Whitaker had GWL bonds or not, rather when did Whitaker have SUPERIOR KNOWLEDGE of GWL's impending failure. GWL did not file disclosures Whitaker knew this, apparently, and did not notify clients.

If true, then this is clearly a case of withholding superior knowledge. MD Flyer should be arguing Whitaker withheld this superior knowledge to clients whom he had a duty to share it with.

Originally Posted by justjim (Post 2221444)

Almost everyone has lost money in the markets. I’ve no dog is this fight but advise
not to put all your money in one basket. Just saying.

Originally Posted by SallyB (Post 2222389)

This was not money lost in the market. This is a non-publicly traded alternative that was sold "as safe as a bond or mutual fund". The risk was sold as a high-risk investment as SEC has stated it is.