HUNTINGTON BEACH, Calif., Oct. 03, 2022 (GLOBE NEWSWIRE) — A 78-year-old widow suffering from Parkinson’s disease has lost $100,000 GWG Holdings, Inc. (OTCMKTS: GWGHQ) L Bonds on the advice of Moloney Securities and Matthew Franchina. The investor is represented by national securities firm KlaymanToskes, which has filed a FINRA arbitration claim (Case No. 22-01998) on her behalf to recover the investment losses.

As explained in the lawsuit, the investor was referred to Francchina as a full-service financial advisor who could recommend safe, low-risk, fixed-income investments to support her income during her retirement years. Instead, in March 2021, Franchina and Moloney recommended buying two GWG-L bonds, which they deemed suitable for their investment objective. The investor had never heard of GWG L Bonds, so she fully relied on information and assurances from Francina and Moloney Securities. In reality, L-Bonds are high-risk, illiquid alternative investments.

On April 16, 2021, one month after the purchase, GWGH suspended the sale of its L-Bonds. This suspension follows the SEC’s 2020 investigation into GWGH.

According to securities attorney Lawrence L. Klayman, Esq., “Moloney and Francchina took advantage of our client’s fragility. Our client has reasonably relied on the misrepresentation that the GWG-L Notes are safe, eligible investments and has suffered investment losses as a result of that reliance.”

KlaymanToskes represents L-Bond investors to other brokerage firms

Unfortunately, thousands of L Bonds investors have suffered losses after taking risks without being informed. KlaymanToskes is committed to fighting for these investors so they can regain their financial lifestyle. If you suffered investment losses through a full service brokerage firm such as Moloney Securities, Emerson Equity, National Securities, Western International Securities or Centaurus,…