Another one of Michael Whitaker safe investments Gladstone takes a big loss. Gladstone went public and there was an immediate loss of approximately 25%. How many millions of millions of dollars have you lost Michael in all these safe investments? It's so shameful.

Finra
 

You should file with FINRA as soon as possible. I started mine back in April and because I asked for expedited handling, which was approved due to age, It is still not scheduled for a hearing. I do expect this to change soon since the arbitrator has been assigned and there is nothing else that needed to happen before the hearing.

GWG does not have enough to pay off the bond holders. The life policies they still have left doesn't cover half of what they owe. If the bond holders get one-fourth back, I would be surprised.
What a mess, the chairman of GWG Bradley Heppner is a piece of work.

It’s really sad to hear people who placed their personal trust and retirement assets with these self-serving predators will likely lose most, if not all, of their investment in these risky bonds.
Michael Whitaker and others should be ordered to divest all of the compensation they received on the sale of these highly risky bonds.
Mr. Whitaker now has his 5th disclosure on his form ADV form which will follow him forever. Unfortunately, I suspect few of his victims know to review this online.

So how does this work GWG is suing Beneficent when they are run by the same people??????

What are GWG’s Assets?

GWG has only four primary assets: (1) its portfolio of life insurance policies; (2) equity interest in FOXO, (3) equity interest in Beneficient; and (4) potential legal actions against third parties, primarily Beneficent.

The Wind Down Trust will hold the portfolio of life insurance policies and the company’s equity interests in FOXO and Beneficent and make efforts to monetize those assets over time. The sale of these assets may take several years, and the amount that GWG will recover remains uncertain.

According to GWG’s analysis in the bankruptcy proceedings, the projected net residual value from the sale of the life insurance policies is projected to be $0 to $78 million, and the equity interest in FOXO is nominal, $3.3 million.

With over $1.3 billion owed to L Bondholders, for the L Bonds (now New Series A1 WDT Interests) to have any significant residual value, GWG must monetize its equity interest in Beneficient or its legal claims against third parties.

How and when GWG will be able to monetize its equity interest in Beneficient remains uncertain and speculative.

Since going public on June 8, 2023, and opening at $15 on the first day the new BENF traded, the stock price has plummeted to under $2 per share.

To read more about the residual value of the L Bonds, please see our blog post from mid-July: GWG Bankruptcy Update (July 14, 2023): The Residual Value of the GWG L Bonds Remain Suspect as Beneficient Receives a Wells Notice from the SEC.

We continue to believe that GWG L Bonds investors’ best avenue for potential recovery of losses is to file a separate FINRA arbitration claim against their brokerage firms. If you would like more information about how to file a claim, please respond to this email to schedule a free and confidential consultation.

To read more about the alleged misconduct, please visit our other blog posts:

What L Bondholders Need to Know About GWG Holdings, Inc.’s Chapter 11 Plan

Broker-Dealers Sold GWG L Bonds Using Aggressive and Misleading Marketing

“GWG Was a Classic Ponzi Scheme” – Official Committee of Bondholders of GWG Holdings, Inc.

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

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.

If he can even recall
 

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.

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…

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 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.”

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.

Michael is still working he is in his 60's

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

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.

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.

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.

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.”

Ccci

What does 'ccci' mean?

FINRA Filing
 

Hi, as some of you know I am involved with a complaint filed with FINRA. Michael L Whitaker and Associates hired an Attorney firm out of Ft. Lauderdale, FL to represent them. They have filed papers with FINRA that on the face look like I signed sales purchase forms for GWG and other stocks. These documents contain false information that was filled in by either Mike Whitaker or an employee. In some cases, there is two or three different handwritings on a single form. There were other things filed with FINRA that were also misrepresented. It seems that Michael is also misleading his own attorney as well as his clients. The truth will be known and things like insider trading will be reported.

In my FINRA case, I am trying to expose Whitaker to every enforcement agency that would have any jurisdiction over him.

If you have any leaning towards filing a FINRA case, Please Please do it as soon as possible. The more cases that are filed against Whitaker and his band of crooks the better it should look for everyone. If FINRA thinks you are alone they may lean towards dismissing your case or finding very little. Maybe we should set up a group and meet somewhere in The Villages ever so often to bring things up to date.