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G.A Repple Advisor Paul Witthauer: GWG L-Bond Complaints
A recent investor complaint disclosed on Jamestown, North Dakota financial advisor Paul Witthauer’s (CRD# 1672263) BrokerCheck report concerns allegations regarding GWG L-bonds. Financial Industry Regulatory Authority records show that Mr. Witthauer is a broker and investment advisor with G.A. Repple & Company.
Mr. Witthauer’s BrokerCheck report discloses one investor complaint. Filed in 2022, it concerns unspecified allegations regarding to a purchase in GWG Holdings-issued L Bonds. The pending complaint alleges damages of $250,000. A comment on the disclosure states that Mr. Witthauer “is the registered representative of record” but was not named as a respondent in the complaint.
According to an April 2022 report by the Wall Street Journal, GWG Holdings was an alternative asset manager based in Dallas, Texas. It was reportedly known for a financial product it created known as L bonds, “which pooled money from bond investors to purchase life-insurance policies on the secondary market,” repaying debts using the payouts generated when policyholders died. After raising approximately $1.6 billion “mostly from individual investors,” the company went into Chapter 11 bankruptcy. A report by The DI Wire notes that GWG indicated in bankruptcy filings that it was under investigation by the Securities and Exchange Commission, which among other things was probing “how bonds were sold by brokers.” More information on GWG L bonds, and whether they were unsuitable investments for conservative investors, is available here.
According to the Financial Industry Regulatory Authority, Paul Witthauer holds 35 years of securities industry experience. Based in Jamestown, North Dakota, he has been a broker and investment advisor with G.A. Repple & Company since 2017 and 2019, respectively. His past registrations include OneAmerica Securities (Jamestown, North Dakota; 2010-2017), Woodbury Financial Services (Jamestown, North Dakota; 1993-2010), and Washington Square Securities (Windsor, Connecticut; 1987-1993). He has passed five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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; the Uniform Combined State Law Examination, or Series 66; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Florida, idaho, Michigan, Minnesota, North Dakota, and South Dakota. (Information current as of June 23, 2022.)
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