Mike Kolacz: GWG L-Bond Complaint Against Epstein & Kolacz Advisor

Rockwall, Texas financial advisor Mike Kolacz (CRD# 2566829) allegedly recommended an unsuitable investment in GWG Holdings, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Independent Financial Group, doing business as Epstein & Kolacz Wealth Management.

Mr. Kolacz’s BrokerCheck report discloses two investor complaints. The most recent, filed in March 2026, alleges that as a representative of International Assets Advisory, he recommended an unsuitable investment in GWG Holdings L-Bonds. The pending complaint alleges damages between $50,000 and $100,000.

An earlier investor complaint, filed in 2023, alleged that as an International Assets Advisory representative, he breached his fiduciary duty and recommended “super high risk” investments. The complaint alleged unspecified damages and was withdrawn.

A third disclosure on his BrokerCheck report concerns his resignation from Cetera Advisors. Filed in 2016, it states that he was “permitted to resign” in connection with allegations that he failed to follow firm policy in connection with a variable annuity transaction.

As news reports explain, GWG Holdings was an investment company that raised funds from investors to purchase life insurance policies on the secondary market, reportedly seeking to generate profits when those policies paid out. In a 2020 filing with the Securities and Exchange Commission, GWG Holdings revealed that it was experiencing financial difficulties, and further that it was under SEC scrutiny. In 2022 the company filed for bankruptcy for itself and two of its subsidiaries, GWG Life and GWG USA. The SEC later announced charges against Western International Securities and five of the firm’s representatives, alleging they engaged in violations of the SEC’s Regulation Best Interest in connection with the recommendation and sale of GWG L bonds. If your financial advisor misrepresented the risk of L bond investments, or over-concentrated these products in your portfolio, they may be liable to you.

According to the Financial Industry Regulatory Authority, Mike Kolacz holds 29 years of securities industry experience. Based in Rockwall, Texas, he has been registered as a broker and an investment advisor with Independent Financial Group since 2023, doing business as Epstein & Kolacz Wealth Management. His past registrations include International Assets Advisory, Cetera Advisors, Woodbury Financial Services, and NEXT Financial Group. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He holds 18 state licenses. (Information current as of April 26, 2026.)

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