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Gary Benson: GWG L Bond Complaint Against Pash & Benson Advisor
Encino financial advisor Gary Benson (CRD# 1182211) allegedly recommended an unsuitable GWG L bond, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Independent Financial Group, doing business as Pash & Benson.
Mr. Benson’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in October 2022, alleges that as a representative of NPB Financial Group, he recommended an unsuitable investment in a GWG L bond. The pending complaint alleges damages of $200,000.
In a statement included with the pending complaint’s disclosure, Mr. Benson describes the complaint as meritless. “Client was aware of risk of investment including the potential loss of all principal. Investment was suitable and was in line with Claimant’s stated investment objectives and risk tolerance,” he wrote, stating further: “The failure of a product or the failure of a product to perform as intended does not give rise to a suitability claim.”
An earlier investor complaint, filed in April 2022, alleged that he provided inaccurate minimum income figures in connection with a variable annuity purchase. The complaint reached a settlement of $142,500.
A third investor complaint, filed in 2014, alleged that he converted funds, breached his fiduciary duty, and imposed a constructive trust while at NPB Financial. In 2015 the complaint reached a settlement of $210,000.
A fourth investor complaint, filed in 2012, alleged that he failed to conduct reasonable due diligence, misrepresented material facts, and recommended an unsuitable tenant-in-common investment. In 2013 the complaint reached a settlement of $225,000.
A fifth investor complaint, filed in 2013, similarly alleged that he recommended unsuitable TIC investments. In 2014 the complaint reached a settlement of $215,000. A sixth, filed in 2010, alleged he breached his fiduciary duty in connection with a real estate investment. In 2012 the complaint reached a settlement of $110,000.
According to the Financial Industry Regulatory Authority, Gary Benson holds 38 years of securities industry experience. Based in Encino, California, he has been a broker and an investment advisor with Independent Financial Group since 2022, doing business as Pash & Benson. His past registrations include NPB Financial Group (Encino, California; 2006-2022), National Planning Corporation (Encino, California; 1999-2006), Associated Securities Corporation (Boston, Massachusetts; 1984-1999), and Mutual Benefit Financial Service Company (1984). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 28 state licenses. (Information current as of February 15, 2023.)
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.