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Burt Bartlett: GWG L Bond Complaint Against Landolt Advisor
Mequon, Wisconsin financial Burt Bartlett (CRD# 1038728) recently received an investor complaint alleging that he sold unsuitable GWG L bonds. Public records filed with a US bankruptcy court in Texas list at least one current or former customer of Mr. Bartlett as creditor for a $152,625 investment in GWG Holdings preferred stock. Financial Industry Regulatory Authority records show that he is a broker with Landolt Securities.
Mr. Bartlett’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2022, alleged that as a representative of Worden Capital Management, he sold an unsuitable investment in GWG L bonds. The complaint reached a settlement of $23,599.
In a statement included with the complaint’s disclosure, Mr. Bartlett defended himself against the allegations. “The clients purchased a GWG bond after a thorough discussion of various investment alternatives and after reviewing the prospectus and completing the subscription agreement that fully disclosed the investment characteristics, including the illiquidity, risk factors and other features,” he wrote. “Although the clients met all suitability requirements for the investment, a decision was made to settle the matter solely to avoid the legal expenses associated with defending the arbitration claim.”
An earlier investor complaint, filed in 2013, alleged that as a representative of John Thomas Financial, he misrepresented and omitted material facts regarding an investment. In 2015 the complaint reached a settlement of $40,000.
According to the Financial Industry Regulatory Authority, Burt Bartlett holds 40 years of securities industry experience. Based in Mequon, Wisconsin, he has been a broker with Landolt Securities since 2021. His past registrations include Worden Capital Management, JW Cole Advisors, Financial Advisers of America, BrokersXpress, John Thomas Financial, and Brookstreet Securities Corporation. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Interest Rate Options Examination, or Series 5; 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 currently holds 22 state licenses. (Information current as of June 22, 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.