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Jack Nalbandian: Investor Files Bond Complaint Against WIS Advisor
At least two current or former clients of Western International Securities advisor Jack Nalbandian (CRD# 2921246) are listed as creditors for investments in GWG preferred stock, according to records filed with a US bankruptcy court in Texas. These records describe investments totaling more than $150,000. Financial Industry Regulatory Authority records show that Mr. Nalbandian is based in Encino, California.
Mr. Nalbandian’s BrokerCheck report discloses several investor complaints. The most recent, filed in December 2022, alleges that as a representative of Western International Securities, he recommended an unsuitable corporate bond investment and acted negligently. The pending complaint alleges unspecified damages believed to exceed $5,000.
An earlier investor complaint, filed in 2021, alleged that he recommended an unsuitable real estate investment trust (REIT) product as a representative of Western International Securities. In 2022 the complaint reached a settlement of $108,500.
A third investor complaint, filed in 2015, alleged that the client lost “$90,000 in potential gains from other investments that should have been purchased.” The complaint reached a settlement of $20,000.
A fourth investor complaint, filed in 2007, alleged that he forged the customer’s signature on a variable annuity withdrawal form. The complaint reached a settlement of $16,250.
A fifth investor complaint, filed in 2007, alleged that as a representative of Linsco/Private Ledger, he recommended an unsuitable floating rate bond. In 2008 the complaint reached a settlement of $16,250.
Investors can find information about GWG Holdings, which reportedly raised $1.6 billion from investors in its L bonds, filed for Chapter 11 bankruptcy, and fell under SEC scrutiny, is available via this resource.
According to the Financial Industry Regulatory Authority, Jack Nalbandian holds 25 years of securities industry experience. Based in Encino, California, he has been a broker with Western International Securities since 2008. His past registrations include Financial West Group (Encino, California; 2007-2008), Linsco/Private Ledger Corporation (Encino, Califoronia; 2005-2007), Essex National Securities (Napa, California; 2003-2005), Citicorp Investment Services (Long Island City, New York; 2003), Cal Fed Investments (Sacramento, California; 1998-2003), and Biltmore Securities (Fort Lauderdale, Florida; 1998). 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 Securities Agent State Law Examination, or Series 63. He is licensed in California, Colorado, Nevada, South Carolina, and Texas. (Information current as of June 9, 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.