Brett Rutherford: Capital Investment Advisor Has $100K GWG Complaint

A recent investor complaint against Morehead City, North Carolina financial advisor Brett Rutherford (CRD# 4001310) alleges that he unsuitably recommended GWG Holdings investments. Financial Industry Regulatory Authority records show that he is a broker with Capital Investment Group and the president of Rutherford Financial Group.

Mr. Rutherford’s BrokerCheck report discloses one investor complaint. Filed in July 2022, it alleges that as a representative of Capital Investment Group, he recommended two unsuitable investments in GWG Holdings. The pending complaint alleges damages of $100,000.

The Wall Street Journal reported in April 2022 that GWG Holdings was a Dallas, Texas-based alternative asset manager known for a product its L bonds, “which pooled money from bond investors to purchase life-insurance policies on the secondary market.” GWG reportedly raised approximately $1.6 billion largely from retail investors. It later filed for Chapter 11 bankruptcy, with The DI Wire reporting that the company stated in its bankruptcy filings that it was under scrutiny from by the Securities and Exchange Commission. According to that report, GWG disclosed that the SEC which investigating “how bonds were sold by brokers.” More information on GWG L bonds, and whether they may have been unsuitable investments, is available here. 

According to the Financial Industry Regulatory Authority, Brett Rutherford holds 22 years of securities industry experience. Based in Morehead City, North Carolina, he has been a broker with Capital Investment Group since 2015. He is the president and CEO of Rutherford Financial Group, which offers securities through Capital Investment Group. His past registrations include Cape Fear Securities (Moorehead, North Carolina; 2011-2015), Summit Brokerage Services (Morehead City, North Carolina; 2005-2011), Raymond James Financial Services (St. Petersburg, Florida; 2002-2005), Wachovia Securities (St. Louis, Missouri; 2002 and Charlotte, North Carolina; 2001-2002), BB&T Investment Services (Charlotte, North Carolina; 2000), and Pruco Securities (Newark, New Jersey; 1999). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Florida, Georgia, Hawaii, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia, and Washington. (Information current as of August 19, 2022.)

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