Didnt you ever review your portfolio and question what and why he invested in these bonds and other securities. Or did you blindly give him money and tell him to invest only in safer investments?

Since we did not know a lot about investing we had to place our trust in Michael L Whitaker and Associates to only suggest investments that were low risk as we instructed. If you have read this whole thread you will notice that Michael did as we instructed for many years but as his need for more and more financial profit took over him he shifted to selling his clients higher risk and correspondent higher commissions for him. This change was deliberately gradual and we did not have any reason not to continue to trust him. We started with him in about 2011 just about the same time he started. Of course, he says Michael L Whitaker and Associates has been in business for 38 years but the records say something entirely different. Another deception?

So he would suggest investments and you would then approve them? Or did you just give him a sum of money and told him only low risk?
Before you moved here did you have an investment adviser you were happy with?

You are beginning to sound like a plant working for Michael L Whitaker and Associates. I am not going to respond to any more of your messages.

I think if you look back at my posts you would not have made that comment.

When you start asking personal questions about my actions and dealings with Michael L Whitaker and Associates you look like someone collecting information for him to use in his FINRA defense. Michael: If you want to talk with me about a settlement please email me to set up an appointment.

All u have to do is look at my postings on here and you would realize im not someome working for whittaker.

I was just curious how u got involved and then got scammed.
I suspect you are very bitter..sort of like someone who left the door unlocked and got robbed.

Oh, you can tell I am bitter, amazing. So you call trusting your advisor to do what you ask is "leaving the door unlocked" In my opinion you are the one leaving the door unlocked if you do not take action to help prevent others from being taken by Michael L Whitaker and Associates.

I have been getting some private messages from some of his clients and past clients. The one that really surprised me was from someone that stated Michael sold their GWG in 2021 because GWG didn't file their annual report in 2021, they questioned why we didn't pull out then. Well, my parents were not told what was going on until it was too late.
Again, Michael knew there was a problem but only helped a few.
Why would only some of his clients get pulled out of GWG and not others. How did he pick and choose who was lucky and who was unlucky?
I think that is a question all of you should be asking him. Why didn't you pull all the clients out of GWG, why did he pick and choose who he pulled out?
Would he have lost some of his commissions? I really would like to know because it makes no sense.
As I said before the lawyer, I spoke to stated at one point Michael had somewhere around $6 - 10 million in GWG.

As I mentioned earlier, I would like to know how much in GWG L Bonds Michael Whitaker had and when he sold them. I hope I get the chance to depose him as part of my FINRA case. Where did you get this information?

If anyone knows how to get this information please post it here or send it to me via private message. If Michael L Whitaker sold his stock before GWG crashed then he must have had INSIDER information and that might be a crime.

From the attorney up north, that has been investigating Newbridge Securities.

Michael L Whitaker and Associates was served with my FINRA complaint about 10 days ago but he has not responded to them regarding the complaint. I got information today, from a reliable source, that it is true that Michael L Whitaker was doing shady trades and deals that resulted in higher commissions for him but were not in the best interest of his clients.

Is that so? Please tell us more.

I cannot tell you my source but I can assure you that they are reliable. If I am able to depose Michael L Whitaker as part of my FINRA case I will ask questions related to this. What we need is more people filing their complaints against Michael L Whitaker and Michael L Whitaker and Associates. Don't just sit back and complain here, do it where it counts.

Are you a current or past client of Michael or his son?

I wonder if Newbridge would have to disclose that information? Questions like did he or his family own GWG and so when were they bought and sold? From 2020 - 2022 did he buy or sell GWG? If he sold off clients GWG when and why?
Maybe your lawyer can look into it.

My wife and I had all of our investments placed through Michael L Whitaker and Associates. Currently, we only have the GWG and one other investment that we could not sell. Putting us in FS stock was another high-commission stock Michael put us in and did not tell us that we could not sell it for at least 10 years. He is dirty to the core.

Today I got noticed that Michael L Whitaker has retained a law firm to represent him in my case filed with FINRA. Nothing to hide so you hire a law firm to represent you. NOT. Reminds me of David (me) and Goliath (Michael L Whitaker) These cases are supposed to be informal hearings.

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

I guess you, Michael L Whitaker and Associates, cannot defend yourself in a supposed to be informal hearing so you are now, as you said, stooping as low as the posters here, and have hired a law firm to represent you. Why don't you tell the members here just how much money my wife and I have lost dealing with you and your firm? You must have had some memory loss too since I now have less than one half of the total amount I started with 12 or so years ago.

In my opinion, I guess Michael L Whitaker only stoops low enough to post on this thread when he has another lie to tell. Apparently, he has been keeping up with the thread since he has seen the way to "out" me in particular. Just another action to show us who and what he really is.

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.

Yes, but starting about 2014 or so, almost everyone made lots of money in the stock market and should have more money than they started with in 2011, not less than half, due to poor decision-making by an advisor. I feel the posters' pain.

I did not have all of my money in one investment just one "Financial Advisor" It is not that I do not know that all stocks and other investments carry risks but rather I do not think Michael L Whitaker was acting in my best interest when he put me in FS and GWG investments and then to further cause damage advised me to stay in GWG even when he knew they had missed two quarterly reports to the Government. Of course, we know now that this was because GWG was preparing for bankruptcy. If true that Whitaker sold his investment in GWG before they went bankrupt but left his clients in GWG then that could be insider trading and a breach of his Fiduciary duties to his clients.

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.

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?

To answer your first question, it is a combination of both, I talked with him about my risk tolerances and he suggested certain things that I should be invested in. This system worked out very well for the first 6 years or so, Michael L Whitaker suggested good dividend-paying investments. I truly believe that Michael's lifestyle and financial needs got the best of him and he started putting, not only me but others in more and more risky investments that brought him higher commissions but were not good for his clients. I have known him for over 10 years and have seen this play out over the years. To answer your second question I did attend many of his "rubber chicken" dinners paid for by GWG and other investment entities but this was long after I began with Michael L Whitaker and Associates as my advisor. I think this might be referred to as "keeping the flock together".

Just as I thought NO answer to my questions. I take that to be proof that he owned GWG and sold it before they went bankrupt and before he told any of his clients, with the exception of a few family and friends, that he had information the GWG was in trouble. Maybe his lawyer knows but is not telling either. Insider trading is a crime.

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.

But did they treat you to a "free" rubber chicken dinner?

I would laugh at this comment, but this is not a laughing matter. People fell for the rubber chicken put on by Michael L Whitaker and Associates and GWG and lost millions because of bad advice and high commissions. I agree with the poster that commissioned brokers have more reason to give their clients bad investment advice because their income and lifestyles are dependent upon the commissions. Stay away from AUM/Commissioned brokers.

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

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.

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.

You are right I did do well for 5 or 6 years. This led me to a FALSE trust and that is why I believed Mr. Whitaker when he suggested GWG and FS investments as low risk. I am glad you did not have any GWG or FS investments through Michael L Whitaker and Associates.

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.

Michael Whitaker did inform us that GWG had missed two reporting quarters but at the same time told us that there was nothing to worry about since they were just having some organizational problems and were in very good financial condition. Since he made statements like this I have to assume that he had insider information on the financial condition of GWG. My point in asking about his ownership of GWG was to point out that he had advanced or "Superior information" that he acted on but did not inform clients about. I am betting that he did have "Superior Information" and acted on insider information.

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.

I think the issue is that the implicated company (GWG) can go with reorganization under chapter 11. In fact it is almost certain. This means bond holders will lose about 35% of their principle. Whitaker was only a broker so he won’t be penalized; he only sold the bonds through established legal channels . Most of us lost some cash flow the last quarter and this first quarter, but apparently 30 or so bond holders will take a large hit. It’s a tough situation. Unfortunately, Flyer seems to be one of the few and uses the forum to attack his broker/scapegoat. Hopefully it works out a little better than expected?