Don Everhart: Ex-Whitehall-Parker Advisor Suspended; GWG Sales

Former Dixon, California financial advisor Don Everhart (CRD# 2150508) allegedly recommended an unsuitable investment in GWG L bonds, according to a disciplinary action against him. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Emerson Equity, having previously been registered with Whitehall-Parker Securities.

A Letter of Acceptance, Waiver, and Consent (No. 2022074296701) details FINRA’s disciplinary action against Mr. Everhart. Published in June 2025, it states that as a representative of Whitehall-Parker Securities, he recommended a customer invest $200,000 in GWG L bonds. The customer in question “had a conservative risk tolerance, an annual income of less than $20,000, a net worth, not including primary residence, of no more than $500,000, and a liquid net worth of no more than $500,000.”

As a result of the recommendation, for which Mr. Everhart earned a commission of $7,500, the customer invested at least 40% of her net worth in GWG L bonds. As a result, FINRA found, the recommendation was not in her best interest, and thus contravened the SEC’s Regulation Best Interest. This rule requires brokers to make investment recommendations that are in the best interest of a customer, in light of their investment profile, which includes their age, financial situation, risk tolerance, and other factors.

As the Letter also notes, less than two years after the customer invested in GWG L bonds, GWG Holdings “defaulted on its obligations to L Bond investors and suspended further sales of L Bonds..” A few months later, the company filed for bankruptcy. As a result of these findings, FINRA issued Mr. Everhart a three-month suspension. It also ordered him to pay a fine of $7,500 and $100,000 plus interest in partial restitution.

According to the Financial Industry Regulatory Authority, Don Everhart holds 32 years of securities industry experience. Most recently based in Dixon, California, he was last registered as a broker with Emerson Equity from 2023 until 2024. His registration history includes Whitehall-Parker Securities, Quest Capital Strategies, Essex National Securities, Investors Capital Corporation, Waddell & Reed, John Hancock Distributors, John Hancock Mutual Life Insurance Company, and Baraban Securities. His credentials include the passage of ten securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the Operations Professional Exam, or Series 99TO; the Municipal Securities Representative Examination, or Series 52TO; the Financial and Operations Principal Examination, or Series 27; the Registered Options Principal Examination, or Series 4; the Municipal Securities Principal Examination, or Series 53; the General Securities Principal Examination, or Series 24; and the General Securities Representative Examination, or Series 7. He is not currently licensed with any state or firm. (Information current as of July 2, 2025.)

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