Hillard Rest: $290K GWG L Bond Complaint Against Newport Beach Advisor

Newport Beach financial advisor Hillard Rest (CRD# 858840) has received several investor complaints alleging negligence, fraud, and other forms of misconduct related to GWG L bond investments. Financial Industry Regulatory Authority records show that he is a broker with JRL Capital Corporation and a representative of Hillard Rest Associates. 

Mr. Rest’s BrokerCheck report discloses two investor complaints. The most recent, filed in July 2022, alleges that as a representative of JRL Capital Corporation, he breached his fiduciary duty, recommended unsuitable investments, fraudulently or negligently misrepresented or omitted material facts, breached contract, and violated FINRA rules in connection with the sale of GWG L bond investments. The pending complaint alleges unspecified damages. 

A second investor complaint, filed in June 2022, alleges that he recommended unsuitable GWG L bonds, breached his fiduciary duty, made misrepresentations and omissions of material facts, violated Blue Sky laws, and engaged in negligence. The pending complaint alleges damages of $290,000.

According to the Financial Industry Regulatory Authority, Hillard Rest holds 42 years of securities industry experience. Based in Newport Beach, California, he has been a broker and an investment advisor with JRL Capital Corporation since 2013. A representative of Hillard Rest Associates, he has previously been registered with Samuels Chase & Company (Santa Ysabel, California; 2004-2012, 1996-2000), National Planning Corporation (Los Angeles, California; 2000-2004), Painewebber (Weehawken, New Jersey; 1992-1996), Vanguard Capital (Del Mar, California; 1989-1992), Drake Capital Securities (New York, New York; 1986-1989), Sutro & Company (1984-1986), and Dean Witter Reynolds (1978-1984). His credentials include the passage of five 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; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, and Nevada. (Information current as of August 18, 2022.)

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