Originally Posted by MDFlyer (Post 2203556)

I am willing to take my chances on getting sued by Michael Whitaker if, and that is a big if, GWG ever settles. Number one there might be nothing to sue for since his advice has cost me most of my wealth. The first appearances before the judge did not go very far in building my confidence that GWG will ever return any of my money. It looks like suing Whitaker is the only way to get anything back and that is also slim.

Originally Posted by hrhphyllis (Post 2203586)

In addition, if the company is in bankruptcy you would get nothing anyway thru a lawsuit. I think pull everything from this brokerage immediately, this man took advantage of ur parents & probably pushed the bonds where he made the most commission.

Originally Posted by DAVES (Post 2203604)

Past experience re bonds. Bearer bonds have not been issued in years. They are book entry. You are forced to have a broker hold them. "Pull everything from this brokerage," as you need a broker to hold them it may be difficult. Years ago I held TAX FREE BONDS.
The brokerage started charging me fees to hold the bonds THEY SOLD ME. The rep who sold me the bonds left and unethically contacted me to transfer my account to the firm he was setting up. Unethical because clearly he took what are supposed to be secured records at the brokerage. I already had an account at Fidelity. They helped me to transfer the bonds to them at no charge to me.

Originally Posted by retiredguy123 (Post 2202919)

I think the lawsuits are against GWG. Whitaker is just the broker who is selling financial products.

Originally Posted by SallyB (Post 2202785)

Last week while visiting my parents they informed us they lost close to $100,000 with their broker Michael Whitaker. They invested in a very high-risk company GWG which has filed for bankruptcy about a year ago. My parents were told this was not high-risk by Michael Whitaker and GWG at the lunch where they first meet them. Michael has sent numerous emails to my parents over the last year telling to hang in there. They purchased a product call L Bonds which had a hold time for 7 years at that time Michael told them he had close to $10 million of his clients' money in GWG so they thought it must be safe.

I decided to look into GWG and Michael and the information I have found is not promising.

The information I have found says that this "GWG Was a Classic Ponzi Scheme"-Official Committee of Bondholders of GWG Holdings, Inc. The CEO transfer from the bondholders $258 million into his new company Beneficent. It stated that GWG used new bondholder funds to pay their monthly pay outs to existing bondholders for years and they sold over $1 billion in L Bonds.

I also found that the company Michael works for New Bridge Securities is also under investigation over the GWG L Bonds.

I want my parents to call a lawyer, they are hesitant since they have been with Michael for quite some time.

So, my question is for anyone who still works Michael have to file a lawsuit or are you going to. If you did file a lawsuit, what lawyer did you use and were you happy with the results.

Originally Posted by Pairadocs (Post 2203357)

I'd follow the advice of the person who posted to google GWG lawsuits, apparently more than 50 going. As far a the person who sold the investment NOT being a fiduciary, attorney son tells me that might not be the deciding factor; said the laws concerning investments and "advice" is very "tricky" concerning elderly clients and (in his words) "what the law considers taking into consideration the age and financial situation of the "client", in other words, this person might have culpability even though he may only be a salesperson, not a fiduciary, depends on the circumstances. He also said a class action is probably your best bet, as it might not be large enough single case for a firm to take on. Do the research, you can find the information you need to join a class action.

Originally Posted by MDFlyer (Post 2203692)

I think any suit against Michael L Witaker and Associates will be for lack of supervision, not acting as a fiduciary or some other personal lacking. Of course, there is also a possible criminal case for fraud.

Originally Posted by SallyB (Post 2203778)

Thank you for your reply

Originally Posted by Plinker (Post 2203965)

Here are two more law firms specifically listing Mr. Whitaker as a
salesman of these Ponzi bonds. It’s hard to come to the conclusion that he was working in his clients’ best interest. Although unlikely, it would be just punishment if a court would order a clawback of all commissions paid and made available for restitution to injured parties. A quick check of his disclosure page on FINRA eliminates him as a trusted advisor. There may be many more disclosures on the horizon.

Were You the Victim of Newbridge Securities Corporation Broker Michael Whitaker? | Erez Law

Bonds Category Archives — Page 2 of 2 — Securities Arbitration Lawyers Blog Published by Securities Arbitration Lawyers — Silver Law Group

Originally Posted by MDFlyer (Post 2203867)

If true, that GWG is determined to be a Ponzi Scheme shouldn't the brokers, in my case Michael L Whitaker, be partly responsible to their clients? We did rely on these brokers/advisors to guide us but were left hanging when they knew, or should have known, GWG was in trouble.


(Cut and pasted from the original post) The information I have found says that this "GWG Was a Classic Ponzi Scheme"-Official Committee of Bondholders of GWG Holdings, Inc. The CEO transferred from the bondholders $258 million into his new company Beneficent. It stated that GWG used new bondholder funds to pay their monthly payouts to existing bondholders for years and they sold over $1 billion in L Bonds.

I also found that the company Michael works for New Bridge Securities is also under investigation over the GWG L Bonds.