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David Witter: Financial Harvest Advisor’s Clients Include GWG Creditors
At least three current or former customers of Financial Harvest advisor David Witter (CRD# 4519401) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock, according to records filed with a US bankruptcy court. The records describe investments totaling more than $350,000. Securities and Exchange Commission records show that Mr. Witter is currently based in Winter Park, Florida.
More information about GWG Holdings, which reportedly raised $1.6 billion from investors in its L bond products, filed for Chapter 11 bankruptcy, and came under SEC scrutiny, is available here. If your financial advisor misrepresented and/or unsuitably recommended an investment in these life settlement-backed products, you may be eligible to file a FINRA arbitration claim to pursue the recovery of damages.
Mr. Witter’s FINRA-maintained BrokerCheck report discloses a 2011 enforcement action against him. Undertaken by FINRA, the action alleged that he “failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.” In connection with these findings, he voluntarily allowed FINRA to suspend his securities license “in order to dispute” the allegations. He notes in a comment included with the complaint’s disclosure that his “license was not suspended as a result of investor related activities; but rather for declining to pay the arbitration award within a 30-day timeframe.”
A second disclosure on Mr. Witter’s BrokerCheck report concerns an investor complaint against him. Filed in 2011, the complaint alleged that as a representative of USA Financial Securities Corporation, he sold an unsuitable real estate investment trust (REIT) and money manager account. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $17,500.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, David Witter holds 21 years of securities industry experience. Based in Winter Park, Florida, he has been an investment advisor with Financial Harvest Wealth Management since 2008. His past registrations include Triad Advisors (Winter Park, Florida; 2008-2011), USA Financial Securities Corporation (Maitland, Florida; 2006-2008), Gunnallen Financial (Tampa and Maitland, Florida; 2004-2006, and GA Repple & Company (Casselberry, Florida; 2002-2004). His credentials include the passage of two securities industry qualifying exams: the General Securities Representative Examination, or Series 7; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Florida. (Information current as of June 9, 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.