David Bulow: GWG L Bond Complaint Against NI Advisors Broker

A recent investor complaint against Milpitas, California financial advisor David Bulow (CRD# 5834367) alleges various forms of misconduct relating to the sale of GWG L bonds. Financial Industry Regulatory Authority records show that he is a broker with NI Advisors.

Mr. Bulow’s BrokerCheck report discloses one investor complaint. Filed in September 2022, the complaint alleges that as a representative of NI Advisors, he committed fraud, acted negligently, and recommended unsuitable investments in a GWG L bond. The pending complaint alleges unspecified damages, though the disclosure notes that the claimant invested $50,000 in the product.

In April 2022 the Wall Street Journal published a report on Dallas-based alternative asset manager GWG Holdings, which sold investors L bonds, corporate bonds that “pooled money from bond investors to purchase life-insurance policies on the secondary market” and repaid the debts via the life insurance payments when policyholders died. GWG Holdings reportedly raised approximately $1.6 billion, largely from individual investors, before it filed for Chapter 11 bankruptcy. As a report by The DI Wire noted, GWG disclosed in its bankruptcy filings that the Securities and Exchange Commission was investigating the company. In June 2022, the SEC announced charges against Western International Securities and five of its brokers, alleging violations of the SEC’s Best Interest Obligation in connection with the recommendation and sale of GWG L bonds to retail investors, including retirees. More information on GWG L bonds is available here. 

According to the Financial Industry Regulatory Authority, David Bulow holds 10 years of securities industry experience. Based in Milpitas, California, he has been a broker with NI Advisors since 2015. His past registrations include Voya Financial Advisors (Milpitas, California; 2014-2015) and Ameriprise Financial Services (Campbell, California; 2010-2013). His credentials include the passage of three securities industry examinations: 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 California, Idaho, and Michigan. (Information current as of October 7, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. 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.