San Diego financial advisor Aubrey Morrow (CRD# 836500) allegedly recommended unsuitable investments, according to recent investor complaints. Financial Industry Regulatory...Read More
Drew Peters: Aegis Advisor’s Clients Listed as GWG Creditors
Publicly available records indicate that at least three current and/or former clients of Aegis Capital advisor Drew Peters (CRD# 5348622) are listed as creditors for investments in GWG Holdings preferred stock. The records, filed with a US bankruptcy court in Texas, describe investments totaling at least $327,000. Records maintained by the Financial Industry Regulatory Authority show that Mr. Peters is currently based in Sarasota, Florida and does business as American Legacy Wealth Management.
GWG L bonds are life settlement-backed bonds issued by Dallas-based investment firm GWG Holdings, which reportedly raised more than $1 billion from investors before later filing for bankruptcy. As the company stated in a prospectus filed with the Securities and Exchange Commission, GWG L bond investments came with “significant risks,” including the chance that investors might lose their entire principal. Additional risks included the absence of any secondary market for these products. “No public market for the L Bonds exists and none is expected to develop,” the prospectus notes. “As a result, the transferability of the L Bonds will be limited. Accordingly, the purchase of L Bonds is not suitable for investors desiring liquidity at any time prior to the maturity of the L Bonds.” For these and other reasons, investments in GWG L bonds were likely unsuitable for investors with limited experience and/or a conservative tolerance for risk.
According to the Financial Industry Regulatory Authority, Drew Peters holds 13 years of securities industry experience. Based in Sarasota, Florida, he has been a broker and an investment advisor with Aegis Capital since 2015, doing business as American Legacy Wealth Management. He was previously registered with JHS Capital Advisors in Sarasota from 2010 until 2015. His credentials include the passage of three securities industry qualifying exams: 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 Alabama, Arizona, California, Florida, Georgia, Indiana, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, Ohio, Pennsylvania, Puerto Rico, and Wisconsin. (Information current as of August 5, 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.