Gary Korolev: Did Ex-Spires Advisor Recommend GWG?

At least six current or former customers of Vienna, Virginia financial advisor Gary Korolev (CRD# 1609191) are listed as creditors for investments in GWG Holdings, according to records filed with a US bankruptcy court. These records describe investments totaling more than $500,000. Financial Industry Regulatory Authority records show that Mr. Korolev was formerly registered as a broker with Spire Securities. Securities and Exchange Commission records show that he is currently an investment advisor with Sovereign.

GWG Holdings was a publicly-traded financial services company offering various investments, including a product known as L bonds. These investments ostensibly used investor funds to purchase secondary market life insurance policies, the idea being that GWG and its investors would profit when the policies paid out. In 2022 the company and two of its subsidiaries, GWG Life and GWG USA, filed for Chapter 11 bankruptcy. It disclosed in bankruptcy filings that it was under investigation by the SEC, which later charged the broker-dealer firm Western International Securities and several of its representatives in connection with their sales of GWG L bonds. More information about these products, and whether they may have been unsuitable for some investors, is available here.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Gary Korolev holds 18 years of securities industry experience. Based in Vienna, Virginia, he has been an investment advisor with Sovereign since 2021. His past registrations include Spire Securities (Vienna, Virginia; 2014-2022), Symphonic Securities (Ocala, Florida; 2013-2014), Charles Schwab & Company (Orlando, Florida; 2010-2013), Merrill Lynch (Jacksonville, Florida; 2006-2009), and Morgan Stanley DW (Purchase, New York; 2004-2006). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is currently licensed as an investment advisor in Maryland, Texas, and Virginia. (Information current as of June 13, 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.