Gary Madrid: GWG Complaint Against WestPark Advisor

Irvine, California financial advisor Gary Madrid (CRD# 1934700) recently received an investor complaint relating to a GWG L Bond investment. Financial Industry Regulatory Authority records show that he is registered as a broker with WestPark Capital, having previously been registered with Newport Coast Securities.

Mr. Madrid’s BrokerCheck report discloses one investor complaint. Filed in August 2025, it alleges that as a representative of WestPark Capital, he breached his fiduciary duty, acted negligently, and violated Regulation Best Interest when recommending an investment in GWG L Bonds. The pending complaint alleges damages of $50,000.

GWG L bonds are corporate bonds issued by GWG Holdings, an alternative asset management company based in Dallas, Texas. According to an April 2022 report published by the Wall Street Journal, GWG L  bonds “pooled money from bond investors to purchase life-insurance policies on the secondary market.” They were purportedly designed to pay investors through life insurance payouts generated when policyholders died. GWG Holdings raised approximately $1.6 billion, largely from individual investors, before filing for Chapter 11 bankruptcy in April 2022, according to reports. Financial advisors who recommended these investments may be liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Gary Madrid holds 36 years of securities industry experience. Based in Irvine, California, he has been registered as a broker with WestPark Capital since 2016. His past registrations include Newport Coast Securities, Gunnallen Financial, Brookstreet Securities Corporation, Toluca Pacific Securities, Whitehall Investment Securities, and the Stuart-James Company. His credentials include the passage of five securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the Investment Banking Registered Representative Examination, or Series 79TO; and the General Securities Representative Examination, or Series 7. He holds 20 state licenses. (Information current as of August 31, 2025.)

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