[ChrisTee]

Originally Posted by MDFlyer

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.

Best wishes for a full recovery Jesse. I truly appreciate that you've chosen to share your story with us. It's a cautionary tale and I believe you may help others to avoid losing their money. Posters here are spot on when they suggest VANGUARD and FIDELITY - index funds, US treasuries and CDs. These are often very good choices for retirees. Vanguard and Fidelity are super low cost and respected. Wishing you, your wife and all who've lost $ satisfaction going forward.

[Carla B]

Just got a flyer in the mail from Whitaker & Assocs. hosting an "informative Meeting" at Lopez Legacy. One of the topics he will speak about, "Balancing Risk & Return." Seems ironic, given the OP's and your sad tales.

[Gpsma]

Originally Posted by Carla B

Just got a flyer in the mail from Whitaker & Assocs. hosting an "informative Meeting" at Lopez Legacy. One of the topics he will speak about, "Balancing Risk & Return." Seems ironic, given the OP's and your sad tales.

I got one a couple of weeks ago. I wasnt interested….but now I am. Id love to go and ask Mr Whittaker about whats here on this thread.

Will he ignore me….or will he defend himself?

The real question…does he really need to defend himself? He may have so many happy clints here and he views this thread on TOTV as just a few disgruntled clients. And to be honest…i only see a few people on this thread complaining.

[tikigal]

Originally Posted by SallyB

UPDATE: Here is what is happening in the courts

GWG Bankruptcy Update (April 17, 2023): Liquidation Options Become Clearer as Recovery for Bondholders Remain Uncertain — Securities Arbitration Lawyer Blog — April 17, 2023

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 too. If you did file a lawsuit, what lawyer did you use and were you happy with the results.

I don't know what to do either I am with a new firm, as I watched my money tumble with New Bridge Securities while the stock market climbed. He literally kicked me under the bus. I would love to know what you are doing about it, is there a lawsuit, not classaction, we won't get any money, that we can collect. He lives in a gorgeous house out in Ocala, where the LPGA played events.

[tikigal]

I don't know how to do that, I am having so much difficulty with a pool company, Sparkling Waters Pool Construction, a break in, and this. I feel like I am prey for everyone. I could use a helping hand. If someone would help me, I would be so appreciative.

[tikigal]

What is HALAL?

[Gpsma]

Originally Posted by tikigal

What is HALAL?

Lol..halal is the muslim equivlent of Jewish Kosher.

Im neither muslim nor jewish.

If you do a search on halal chicken…u will find how my tag began

Its nyc street food

[tikigal]

Plus Whitaker got big payouts from GWG for getting clients.

[Normal]

Originally Posted by tikigal

Plus Whitaker got big payouts from GWG for getting clients.

.5% up to 6% for 6 month up to 7 year holds. Minimum investments were 25,000. A 100,000 dollar investment lined his pockets with 6 thousand dollars.

All the monies invested will eventually payout, but it may be a while. There isn’t any liquidity in the company and the life insurance policies they hold can’t be cashed until the original policy holders have passed. Besides, the 300 million plus in bills the company has to pay to the lending institutions that propped it up must be paid first. It will definitely be a long haul; not the 6 years time frame facade sold to investing retirees.

[SallyB]

Originally Posted by tikigal

I don't know what to do either I am with a new firm, as I watched my money tumble with New Bridge Securities while the stock market climbed. He literally kicked me under the bus. I would love to know what you are doing about it, is there a lawsuit, not classaction, we won't get any money, that we can collect. He lives in a gorgeous house out in Ocala, where the LPGA played events.

You can call SEC or FINRA
If it is about GWG you can look online there are lawyers that have been investigating GWG.

[MDFlyer]

Originally Posted by tikigal

I don't know what to do either I am with a new firm, as I watched my money tumble with New Bridge Securities while the stock market climbed. He literally kicked me under the bus. I would love to know what you are doing about it, is there a lawsuit, not classaction, we won't get any money, that we can collect. He lives in a gorgeous house out in Ocala, where the LPGA played events.

I believe that this was Michael L Whitaker's problem. His income did not keep up with his lifestyle when he delivered fiduciary service to his clients. He needed more in commissions than the low risk investments were providing so he started putting clients, that were in the low risk categories, into high risk investments for the higher commissions.

[MDFlyer]

Originally Posted by Gpsma

I got one a couple of weeks ago. I wasnt interested….but now I am. Id love to go and ask Mr Whittaker about whats here on this thread.

Will he ignore me….or will he defend himself?

The real question…does he really need to defend himself? He may have so many happy clints here and he views this thread on TOTV as just a few disgruntled clients. And to be honest…i only see a few people on this thread complaining.

Funny, I did not get an invitation to this event. There must be a legal way to find out his client list of clients that bought GWG L Bonds. With this information, we could inform people of the truth of what Michael L Whitaker and Associates did and are probably still doing. They kept us "advised" of the progress of the missed filings, bankruptcy, of GWG's ability to pay us back when they came out of bankruptcy. All lies, especially the information about keeping the investment in GWG when he knew, or should have known, that when a company misses two mandatory reporting quarters it is a sign to bail out. The big question is when did Michael L Whitaker, family members, and close friends get out of GWG?

[Gpsma]

My questions on this thread still go unanswered. When people retired to TV….cashed out their company run, and advised 401ks, or had personal investments that could have been advised. Why would you go to a small local place. Its your retirement savings, go to the big guys…they will follow what you want.

Again…who would go to a small shop?….because he promised you the world and fed you a chicken sandwich.

MD…you said you went to him because others here said he was good….were these recommendations from astute investors?

[Plinker]

Originally Posted by Gpsma

My questions on this thread still go unanswered. When people retired to TV….cashed out their company run, and advised 401ks, or had personal investments that could have been advised. Why would you go to a small local place. Its your retirement savings, go to the big guys…they will follow what you want.

Again…who would go to a small shop?….because he promised you the world and fed you a chicken sandwich.

MD…you said you went to him because others here said he was good….were these recommendations from astute investors?

I am confident that only a very small percentage of seniors would be considered “astute investors”. Instead, they are well versed in teaching, engineering, medicine, etc, etc. Investing is not in their wheelhouse.

During the asset accumulation phase of our lives, the contributions most employees made were managed by the employer and their chosen fiduciary. Then, upon retiring, seniors were inundated with offers (free dinners) to rollover their 401k, 403b and similar accounts to a local micro-asset advisor.

Choosing a financial advisor with fiduciary credentials, years of experience and a friends’ recommendation is not enough. How many seniors know what a form ADV is and that a FINRA website exists? How many know about the disclosure page? How many posts on this site have exposed scams that these parasites have perpetrated on trusting seniors? It goes far beyond unscrupulous financial advisors. However, it likely has the largest impact on the well-being of one’s financial future in retirement.

We will always need help to accomplish tasks beyond our area of expertise. Weeding out the grifters is no easy task. The key is to educate seniors that they will be far better off with the giants of the financial services industry such as Vanguard and Fidelity. I’m not sure how to accomplish this on a large scale. Holding these charlatans accountable by filing complaints and spreading the word is a good start.

[MDFlyer]

Originally Posted by Plinker

I am confident that only a very small percentage of seniors would be considered “astute investors”. Instead, they are well versed in teaching, engineering, medicine, etc, etc. Investing is not in their wheelhouse.

During the asset accumulation phase of our lives, the contributions most employees made were managed by the employer and their chosen fiduciary. Then, upon retiring, seniors were inundated with offers (free dinners) to rollover their 401k, 403b and similar accounts to a local micro-asset advisor.

Choosing a financial advisor with fiduciary credentials, years of experience and a friends’ recommendation is not enough. How many seniors know what a form ADV is and that a FINRA website exists? How many know about the disclosure page? How many posts on this site have exposed scams that these parasites have perpetrated on trusting seniors? It goes far beyond unscrupulous financial advisors. However, it likely has the largest impact on the well-being of one’s financial future in retirement.

We will always need help to accomplish tasks beyond our area of expertise. Weeding out the grifters is no easy task. The key is to educate seniors that they will be far better off with the giants of the financial services industry such as Vanguard and Fidelity. I’m not sure how to accomplish this on a large scale. Holding these charlatans accountable by filing complaints and spreading the word is a good start.

I just received a 27-page plus several pages of exhibits response from Michael L Whitaker and Associates attorney that was filed with FINRA. It is filled with outright lies, excuses, and references to other cases. One such is his claim that he never was a fiduciary. This is certainly not what he told his clients. He continues to lie in every area.