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Alex Maltez: Newbridge Advisor’s Client Invested in GWG L Bonds
A recent investor complaint against Deland, Florida financial advisor Alex Maltez (CRD# 6506116) alleges that he recommended unsuitable alternative investments. Public records filed with a US bankruptcy court in Texas indicate that at least one current or former customer of the former Newbridge representative is listed as a creditor for a $225,000 investment in GWG L bonds. Financial Industry Regulatory Authority records show that he is currently a representative of Merrill Lynch.
Mr. Maltez’s BrokerCheck report discloses one investor complaint. Filed in June 2022, it alleges that as a representative of Newbridge Securities Corporation, he breached his fiduciary duty, recommended unsuitable alternative investments, failed in his supervisory duties, breached contract, committed fraud, and violated FINRA Rule 2210. The pending complaint alleges unspecified damages.
Investors should be aware that FINRA Rule 2210 requires that member firms’ communications to the public “must be based on principles of fair dealing and good faith, must be fair and balanced, and must provide a sound basis for evaluating the facts in regard to any particular security or type of security, industry, or service.” It additional forbids firms from making “false, exaggerated, unwarranted, promissory or misleading” statements or claims in their communications. More information about this rule is available via FINRA.
Investors who purchased investments in GWG Holdings, which reportedly raised $1.6 billion from investors in its L bond products, filed for Chapter 11 bankruptcy, and was investigated by the SEC, can learn more about whether these products were unsuitable for them via this resource.
According to the Financial Industry Regulatory Authority, Alex Maltez holds seven years of securities industry experience. Based in Deland, Florida, he has been a broker and an investment advisor with Merrill Lynch since 2022. His past registrations include Newbridge Securities Corporation (Winter Park, Florida; 2019-2022), Corecap Advisors (Riverdale, New Jersey; 2018-2019), USA Financial Securities Corporation (Pompton, New Jersey; 2017-2018), and United Planners’ Financial Services of America (Oak Ridge, New Jersey; 2015-2016). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Alabama, Connecticut, Florida, Georgia, Massachusetts, New Jersey, New York, Pennsylvania, and Texas. (Information current as of June 20, 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.