[MDFlyer]

Originally Posted by Normal

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?

No, the issue is that Michael L Whitaker and Associates sold us into investments that were high risk in violation of his Fiduciary responsibility. When you, me, inform your trusted financial advisor that you only want to be in low-risk investments then that is what the advisor is supposed to present to you for your consideration. Michael violated this duty and presented clients with high-risk investments after being informed that this was not appropriate for clients that had specified low risk. Clients 80 years old, in bad health, or for some other reason should not have been exposed to high-risk investments. My question to you is how did you know it was only 30 or so bondholders that will take a big hit? Sounds like insider information.

[Gpsma]

Trusted financial advisor? How long did you know whittaker before u gve him yoir momey to invest? You said you got him from recommendations…did people with serious financial knowledge recommend him to you?

Dont know where you invested before coming to TV but many here still keep their old advisors from up north. Advisors that they hve probably been with for decades.

Not defending whittaker if he didnt follow your instructions but, ultimately, we are all reaponsible to do due dilligence on any investment advice…its your money after all.

[Normal]

Originally Posted by MDFlyer

My question to you is how did you know it was only 30 or so bondholders that will take a big hit? Sounds like insider information.

Fairly simple answer….

FINRA Attorneys Answer Questions About GWG Holdings’ Bankruptcy - EIN Presswire

[MDFlyer]

Originally Posted by Gpsma

Trusted financial advisor? How long did you know whittaker before u gve him yoir momey to invest? You said you got him from recommendations…did people with serious financial knowledge recommend him to you?

Dont know where you invested before coming to TV but many here still keep their old advisors from up north. Advisors that they hve probably been with for decades.

Not defending whittaker if he didnt follow your instructions but, ultimately, we are all reaponsible to do due dilligence on any investment advice…its your money after all.

As with most people, we built trust over time. Start with small investments and gradually build up a relationship with the advisor you are dealing with. I have said more than once that for the first few years of dealing with Michael L Whitaker and Associates things were good and we invested more and more with him. Maybe, in the beginning, Michael was satisfied with 2 or 3 percent commission but as his family grew and his financial needs changed he needed to either increase his commission per investment or increase his client base. He apparently thought he could do both by putting his clients at risk.

[MDFlyer]

Originally Posted by Normal

Fairly simple answer….

FINRA Attorneys Answer Questions About GWG Holdings’ Bankruptcy - EIN Presswire

That is only one law firm that is reporting a number of clients and they may or may not be from Michael L Whitaker and Associates. It may not even represent all of the clients that Michael Whitaker had put in GWG. I certainly am not one of those 30, although I may be at some point.

[MDFlyer]

Originally Posted by MDFlyer

That is only one law firm that is reporting a number of clients and they may or may not be from Michael L Whitaker and Associates. It may not even represent all of the clients that Michael Whitaker had put in GWG. I certainly am not one of those 30, although I may be at some point.

Thanks for the attorney information. It is a fairly long read but I would encourage everyone who has skin in this GWG game or was sold other investments that were high risk by Michael L. Whitaker and Associates against their stated risk tolerance limits. I am leaning towards calling this firm myself even though I have already filed a FINRA case.

[MDFlyer]

FINRA Attorneys Answer Questions About GWG Holdings’ Bankruptcy - EIN Presswire

[SallyB]

Originally Posted by Normal

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

I started this thread because I had a lot of question and was told I could get some quality answers here, since then I have done quite a bit research.
I have found that this is the one of 4 or 5 Ponzi like schemes here in The Villages over the last 8 - 10 years and that Villagers have lost (most never got their money back) over 50 to 60 million dollars in these schemes / investments.
These investments are different then losing money in the market because these investments are not in the market, they are private placement investments like REITS, L Bonds, and Business Development investments. Which if truth be told should have never been marketed to people over the age on 70 or people who are retired.
The difference when these high-risk investments are sold to seniors, they are told they are at the same risk as bonds or blue-chip stocks, and they don't have to worry about your principal being loss due to the market.
So, if this thread has help anyone from buying these non-publicly traded investments, I guess it has done its job.

[MDFlyer]

This is the reason I am trying my best to keep this thread alive. I only wish there was a way to reach more people in order to prevent them from experiencing the same or greater losses as I and many others have experienced dealing with companies like Michael L Whitaker and Associates. I am very aware, so no comments please, that investing is always a risk but when a broker you trust to give you good advice turns on you and is self-serving it is not the fault of the investor when they lose money. It is the fault of the broker.

[Happydaz]

The fact that 99% of brokers would not sell these bonds shows the highly speculative nature of this type of investment. They had a high commission attached to them, yet the over whelming majority of brokers wanted nothing to do with them. Using free dinners, they marketed them to unsuspecting investors. Many of these people were very conservative, they may have held the majority of their retirement savings in money markets or very low interest bearing CD’s and were sold the concept that these were conservative investments that would get them higher rates of return. Unbeknown to them was the fact that these bonds were pure junk bonds and were much riskier than the stock market so many of them were afraid of. It is disappointing that these types of dinner programs are not more closely investigated by the state and federal government. We have a 140,000 older Americans living in the Villages and more monitoring of these activities is needed in order to safeguard our elderly.

[Gpsma]

Safeguard our elderly? So you stereotype elderly as unable to make informed financial decisions?

Perhaps you should have said…safeguard our gullible and greedy!

[MDFlyer]

Originally Posted by Gpsma

Safeguard our elderly? So you stereotype elderly as unable to make informed financial decisions?

Perhaps you should have said…safeguard our gullible and greedy!

No, HappyDaz was correct. Safeguard our Elderly is the correct term since this whole thread is about how Michael L Whitaker and Associates and other less-than-trustful brokers took advantage of their trust in the financial advice they received from people who were once trustworthy but fell to not acting as a fiduciary to their clients for high commissions and fees.

[Happydaz]

Originally Posted by Gpsma

Safeguard our elderly? So you stereotype elderly as unable to make informed financial decisions?

Perhaps you should have said…safeguard our gullible and greedy!

The SEC has launched a number of investigations into these types of programs and selling strategies. They may do so again if it comes to their attention. Over the years major newspapers have also attended and reported on these “free lunch programs.” They have reported that the target audience for these programs is people over 65. Some elderly can be taken advantage of. Your words of “gullible” and “greedy” are demeaning to our senior citizens.

[MDFlyer]

From SEC

Dear Jesse Hadaway: (I am only leaving my name in this response because Mr. Whitaker has already outed me in a prior post)

This is to confirm receipt of your complaint dated against Newbridge Securities Corp.. We have forwarded your complaint to the firm’s compliance department and asked that it respond directly to you, with a copy to our office. Please allow two to three weeks for this process to take place.

Our efforts to facilitate informal resolutions of complaints frequently succeed. In some cases, however, a firm may deny wrongdoing or it may remain unclear whether any wrongdoing occurred. If that happens, we cannot act as your personal representative or attorney. Instead, it will be for you to decide whether to pursue legal action on your own. Enclosed is information on steps you may wish to consider including arbitration and mediation, and sources of potential legal assistance. Please read these documents carefully. They describe your rights and important deadlines.

If you have any questions, please contact me.

Sincerely,

Amy Rosenthal
Investor Assistance Specialist
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
(800) 732-0330
SEC.gov | HOME
Home | Investor.gov
www.twitter.com/SEC_Investor_Ed

----------------------------------------------------------------------------------------------
STEPS FOR PURSUING A COMPLAINT

Know your legal rights

You should know your legal rights and be prepared to take action on your own, even while waiting for the firm’s response. Federal and state securities laws allow you to start legal proceedings against those who may be engaged in wrongdoing. If you believe the firm’s response is inaccurate or incomplete, consider writing a second letter to the firm, laying out the problems with the firm’s response and including copies of documents that support your views.

Act promptly

Time restrictions, called “statutes of limitations,” require you to begin legal action promptly. For example, the federal securities laws require you to bring action within two years of the date you reasonably should have discovered the wrongdoing, but no later than five years from the date it occurred. If you sue any later, you may lose the right to recover. Limitations vary from state to state and may differ depending on whether you claim a violation of state law or federal law.

Use arbitration, if agreed to

When you opened your brokerage account, you probably agreed to use arbitration (and only arbitration) to settle all disputes with your broker or the firm. But even if you did not, you may choose to use arbitration to settle disputes. If you use arbitration, arbitrators will apply either a federal or state statute of limitations, depending on the nature of your claim. You generally cannot pursue an issue through arbitration if it is more than six years old. For older cases, you will probably want to consult with an attorney. When deciding whether to arbitrate — or, if it is a choice, to sue in court — bear in mind that if your broker or brokerage firm goes out of business or declares bankruptcy, you might not be able to recover your money — even if the arbitrator or court rules in your favor.

Learn about low-cost arbitration

If you use Financial Industry Regulatory Authority and your claim is $50,000 or less, you generally will not have to appear in person at a hearing and an arbitrator will make a decision on your case by reviewing documents and written descriptions of what happened from you and your broker. You should carefully review the rules governing simplified arbitration before filing a claim. To obtain information about arbitration procedures, please go to: A vibrant market is at its best when it works for everyone. | FINRA.org. Again, you should weigh the costs of arbitrating against the likelihood of being able to collect any award, especially if the brokerage firm has left the industry or gone bankrupt. Firms that stay in business typically pay the arbitration awards levied against them, but defunct firms may not.

Consider Mediation

Mediation is also an option you should consider before going to arbitration. Mediation allows you to save time and money because it is quicker than arbitration and voluntary. If you can’t reach an agreement through mediation, you can still go to arbitration. To learn about mediation, please go to: A vibrant market is at its best when it works for everyone. | FINRA.org.


----------------------------------------------------------------------------------------------
Correspondent Name: Mr. Jesse Hadaway
Create Date: 4/15/2023
Origin: Web
File #: HO::~01298510~::HO

Send to Entity: Yes

Investor Information

Name: Jesse G Hadaway

Address:

Day Phone:
Alt Phone:
Fax:
Email:

Entity Information
Name: Michael L Whitaker And Associates
Type: Investment Advisor/Financial Planner
Representative: Michael L Whitaker (Newbridge Corporation
Address: 3251 Wedgewood LN

The Villages, FLORIDA 32162-7179

Security Information
Name:
Symbol:
Type:

Description:
First off I am 80 years old and have been dealing with Michael L Whitaker and Associates for several years. My wife is 72 years old and also has been dealing with Michael L Whitaker and Associates for several year. When we first went to Michael L Whitaker to be our financial advisor we stated, in no mistakable words, that we did not want to be in any investments that were risky due to our ages and net worth. Michael L Whitaker assured us that he was a Fiducary and would always look out for our interest. We did purchase several annuities from his agency, through Connie Cruz, and he suggested several other, what he described as low risk, stocks and companies to invest in. For a few years everything appeared to go as we expected and then Michael L Whitaker started suggesting other stocks and investments that he recommended and were low risk. These turned out to be high risk, yet Mr. Whitaker kept saying that they were not. We lost over $100,000 in short order. He even put us in GWG, a now bankrupt company, after we voiced concern, he kept encouraging us to stay with them even after they missed two mandatory reporting quarter. He assure us they still had plenty of money and that we would get back all of our investment when they completed the bankruptcy filling. GWG now is looking more like a Ponzi scheme and was never suitable for clients in our age range and financial state. Michael L Whitaker and Associates is failing to live up to his obligations and duties to clients and continues to deny putting us in risky investments. Mr. Whitaker also denies acting as a fiduciary. My son who invested about $20,000 with Michael L Whitaker, also told low risk, did well until Michael put his investment in a very high-risk stock. This was done even after my son told him to contact me before moving anything. He did not follow orders.

[MDFlyer]

Originally Posted by MDFlyer

From SEC

Dear Jesse Hadaway: (I am only leaving my name in this response because Mr. Whitaker has already outed me in a prior post)

This is to confirm receipt of your complaint dated against Newbridge Securities Corp.. We have forwarded your complaint to the firm’s compliance department and asked that it respond directly to you, with a copy to our office. Please allow two to three weeks for this process to take place.

Our efforts to facilitate informal resolutions of complaints frequently succeed. In some cases, however, a firm may deny wrongdoing or it may remain unclear whether any wrongdoing occurred. If that happens, we cannot act as your personal representative or attorney. Instead, it will be for you to decide whether to pursue legal action on your own. Enclosed is information on steps you may wish to consider including arbitration and mediation, and sources of potential legal assistance. Please read these documents carefully. They describe your rights and important deadlines.

If you have any questions, please contact me.

Sincerely,

Amy Rosenthal
Investor Assistance Specialist
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
(800) 732-0330
SEC.gov | HOME
Home | Investor.gov
www.twitter.com/SEC_Investor_Ed

----------------------------------------------------------------------------------------------
STEPS FOR PURSUING A COMPLAINT

Know your legal rights

You should know your legal rights and be prepared to take action on your own, even while waiting for the firm’s response. Federal and state securities laws allow you to start legal proceedings against those who may be engaged in wrongdoing. If you believe the firm’s response is inaccurate or incomplete, consider writing a second letter to the firm, laying out the problems with the firm’s response and including copies of documents that support your views.

Act promptly

Time restrictions, called “statutes of limitations,” require you to begin legal action promptly. For example, the federal securities laws require you to bring action within two years of the date you reasonably should have discovered the wrongdoing, but no later than five years from the date it occurred. If you sue any later, you may lose the right to recover. Limitations vary from state to state and may differ depending on whether you claim a violation of state law or federal law.

Use arbitration, if agreed to

When you opened your brokerage account, you probably agreed to use arbitration (and only arbitration) to settle all disputes with your broker or the firm. But even if you did not, you may choose to use arbitration to settle disputes. If you use arbitration, arbitrators will apply either a federal or state statute of limitations, depending on the nature of your claim. You generally cannot pursue an issue through arbitration if it is more than six years old. For older cases, you will probably want to consult with an attorney. When deciding whether to arbitrate — or, if it is a choice, to sue in court — bear in mind that if your broker or brokerage firm goes out of business or declares bankruptcy, you might not be able to recover your money — even if the arbitrator or court rules in your favor.

Learn about low-cost arbitration

If you use Financial Industry Regulatory Authority and your claim is $50,000 or less, you generally will not have to appear in person at a hearing and an arbitrator will make a decision on your case by reviewing documents and written descriptions of what happened from you and your broker. You should carefully review the rules governing simplified arbitration before filing a claim. To obtain information about arbitration procedures, please go to: A vibrant market is at its best when it works for everyone. | FINRA.org. Again, you should weigh the costs of arbitrating against the likelihood of being able to collect any award, especially if the brokerage firm has left the industry or gone bankrupt. Firms that stay in business typically pay the arbitration awards levied against them, but defunct firms may not.

Consider Mediation

Mediation is also an option you should consider before going to arbitration. Mediation allows you to save time and money because it is quicker than arbitration and voluntary. If you can’t reach an agreement through mediation, you can still go to arbitration. To learn about mediation, please go to: A vibrant market is at its best when it works for everyone. | FINRA.org.


----------------------------------------------------------------------------------------------
Correspondent Name: Mr. Jesse Hadaway
Create Date: 4/15/2023
Origin: Web
File #: HO::~01298510~::HO

Send to Entity: Yes

Investor Information

Name: Jesse G Hadaway

Address:

Day Phone:
Alt Phone:
Fax:
Email:

Entity Information
Name: Michael L Whitaker And Associates
Type: Investment Advisor/Financial Planner
Representative: Michael L Whitaker (Newbridge Corporation
Address: 3251 Wedgewood LN

The Villages, FLORIDA 32162-7179

Security Information
Name:
Symbol:
Type:

Description:
First off I am 80 years old and have been dealing with Michael L Whitaker and Associates for several years. My wife is 72 years old and also has been dealing with Michael L Whitaker and Associates for several year. When we first went to Michael L Whitaker to be our financial advisor we stated, in no mistakable words, that we did not want to be in any investments that were risky due to our ages and net worth. Michael L Whitaker assured us that he was a Fiducary and would always look out for our interest. We did purchase several annuities from his agency, through Connie Cruz, and he suggested several other, what he described as low risk, stocks and companies to invest in. For a few years everything appeared to go as we expected and then Michael L Whitaker started suggesting other stocks and investments that he recommended and were low risk. These turned out to be high risk, yet Mr. Whitaker kept saying that they were not. We lost over $100,000 in short order. He even put us in GWG, a now bankrupt company, after we voiced concern, he kept encouraging us to stay with them even after they missed two mandatory reporting quarter. He assure us they still had plenty of money and that we would get back all of our investment when they completed the bankruptcy filling. GWG now is looking more like a Ponzi scheme and was never suitable for clients in our age range and financial state. Michael L Whitaker and Associates is failing to live up to his obligations and duties to clients and continues to deny putting us in risky investments. Mr. Whitaker also denies acting as a fiduciary. My son who invested about $20,000 with Michael L Whitaker, also told low risk, did well until Michael put his investment in a very high-risk stock. This was done even after my son told him to contact me before moving anything. He did not follow orders.

Back from my heart operation and ready to resume my quest for justice from Michael L Whitaker and Associates. If you are in your 70s or 80s and were sold high-risk investments by this company and your instructions to them were you did not want to be in any high-risk investments you should file complaints and voice your concerns to the proper authorities.