Robert Vance: SEC Charges Ex-Moloney Advisor Over GWG Sales

Former Sonora, California financial advisor Robert Vance (CRD# 1887560) allegedly sold unsuitable GWG L bonds, according to a recent civil complaint by the Securities and Exchange Commission. Financial Industry Regulatory Authority records show that the former Moloney Securities representative is not currently registered as a broker or an investment advisor.

Mr. Vance’s BrokerCheck report discloses the SEC’s complaint against him. Filed in September 2024, it alleges that he violated Regulation Best Interest when he recommended “that certain retail customers purchase high risk, illiquid debt securities known as L Bonds” issued by GWG Holdings. As the SEC alleges, GWG’s own disclosures described these investments as highly risky, speculative, and “only suitable for investors with substantial financial resources and no need for liquidity in the investment.” Mr. Vance allegedly failed to exercise reasonable diligence, care, and skill to ascertain whether these products were suitable. He recommended them “to at least four retail customers for whom he did not have a reasonable basis to believe the recommendations were in the customers’ best interest,” according to the SEC, which states further that “at least 50 of Vance’s retail customers purchased a total of approximately $4.3 million in L Bonds upon Vance’s recommendations.” The SEC seeks an injunction, disgorgement of ill-gotten gains, and civil monetary penalties in the pending case.

Ten other disclosures on Mr. Vance’s BrokerCheck report concern investor complaints that reached settlements. Filed between 2022 and 2023, they all alleged that he recommended unsuitable corporate bonds and acted negligently. They reached settlements for amounts ranging from $15,500 to $125,000.

Six disclosures on his BrokerCheck report concern pending investor complaints. Filed between 2023 and 2024, these complaints also allege unsuitable recommendations and negligence. They seek damages ranging from $76,000 to $1,000,000.

According to the Financial Industry Regulatory Authority, Robert Vance holds 34 years of securities industry experience. Most recently based in Sonora, California, he was last registered as a broker with Moloney Securities from 2016 until 2023. His past registrations include Ridgeway & Conger, BFT Financial Group, World Choice Securities, Macken Securities, SunAmerica Securities, American Express Financial Advisors, IDS Life Insurance Company, and Dreamwest Securities Corporation. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Municipal Fund Securities Principal Examination, or Series 51; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Municipal Securities Representative Examination, or Series 52TO; and the Uniform Combined State Law Examination, or Series 66. He is not currently registered with any state or firm. (Information current as of October 6, 2024.)

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