IFP’s Aaron Cruz: Customer Invested $150K in GWG

At least one current or former client of IFP Securities advisor Aaron Cruz (CRD# 1961596) is listed as a creditor for an investment in GWG L bonds, according to public records. Filed with a bankruptcy court in Texas, these records describe a $150,000 investment. Financial Industry Regulatory Authority records show that Mr. Cruz is currently based in Sheridan, Wyoming.

FINRA Rule 2111 requires advisors like Mr. Cruz to conduct reasonable diligence to determine whether the investments they recommend are suitable for their customers. Brokers who fail to recommend suitable investments and/or investment strategies may be held liable in the event of losses. Investments in GWG Holdings, which reportedly raised more than $1 billion from investors in GWG L bonds before filing for bankruptcy, were likely unsuitable for investors with limited experience and low tolerances for risk. Read more about these investments here.

Mr. Cruz’s BrokerCheck report discloses one investor complaint. Filed in 2014, it alleged that as a representative of AXA Advisors, he misrepresented material facts relating to an investment in a variable life insurance policy. The complaint alleged unspecified damages and was denied by the firm.

According to the Financial Industry Regulatory Authority, Aaron Cruz holds 11 years of securities industry experience. Based in Sheridan, Wyoming, he has been a broker and an investment advisor with IFP Securities and Independent Financial Partners, respectively, since 2019. His registration history includes Cetera Advisors (Sheridan, Wyoming; 2017-2019), AXA Advisors (Sheridan, Wyoming; 2011-2017), and Securian Financial Services (Colorado Springs, Colorado; 2011). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arkansas, Colorado, Idaho, Kansas, Montana, Nebraska, North Dakota, Oklahoma, Virginia, and Wyoming. (Information current as of June 13, 2023.)

Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.