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Burton Bartlett: Mequon Advisor Has GWG L Bond Complaint
A recent investor complaint against former Worden Capital Management advisor Burton Bartlett (CRD# 1038728) alleges that he unsuitably recommended GWG L bonds. Financial Industry Regulatory Authority records show that he is currently a broker with Landolt Securities in Mequon, Wisconsin.
Mr. Bartlett’s BrokerCheck report discloses one investor complaint. Filed in August 2022, it alleges that as a representative of Worden Capital Management, he recommended an unsuitable investment in GWG L bonds. The complaint reached a settlement of $23,599.
In a statement on the 2022 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, continuing: “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 Mr. Bartlett misrepresented and omitted material facts while he was a representative of John Thomas Financial. In 2015 the complaint reached a settlement of $40,000.
According to the Financial Industry Regulatory Authority, Burton 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 (Mequon, Wisconsin; 2014-2021), JW Cole Financial (Mequon, Wisconsin; 2013-2014), Financial Advisers of America (Mequon, Wisconsin; 2010-2013), BrokersXpress (Mequon, Wisconsin; 2008-2010), John Thomas Financial (Mequon, Wisconsin; 2007-2008), Brookstreet Securities Corporation (Mequon, Wisconsin; 2004-2007), Campbell Newman Asset Management (Mequon, Wisconsin; 1991-2003), Robert W. Baird & Company (1987-1990), Oppenheimer & Company (1982-1987), and Merrill Lynch (1982). 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 holds 21 state licenses. (Information current as of September 7, 2022.)
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