James Schrack: GWG L Bond Complaint Against Schrack Financial Advisor

Spokane Valley financial advisor James Schrack (CRD# 2620270) recently received an investor complaint alleging he made an unsuitable investment recommendation. Financial Industry Regulatory Authority records show that he is a broker with Schrack Financial Services Group, which offers securities through Center Street Securities.

Mr. Schrack’s BrokerCheck report discloses one investor complaint against him. Filed in June 2022, the complaint alleges that as a representative of Center Street Securities, he recommended an unsuitable investment in GWG L bonds. (For reference, GWG L bonds were issued by GWG Holdings, which reportedly disclosed that it was under SEC investigation after filing for bankruptcy.) The pending complaint alleges damages of $75,000.

According to the Financial Industry Regulatory Authority, James Schrack holds 26 years of securities industry experience. Based in Spokane Valley, Washington, he is a broker with Schrack Financial Services Group, offering securities through Center Street Securities. He has been registered with Center Street Securities since 2011. His past registrations include Sunset Financial Services (Spokane, Washington; 2010), Beneficial Investment Services (Spokane, Washington; 2007-2009), American General Securities Incorporated (Fruitland, Washington; 2002-2007), Franklin Financial Services Corporation (Houston, Texas; 1999-2002), Fortis Investors (Oakdale, Minnesota; 1997-1999), and NYLife Securities (New York, New York; 1995-1997). His credentials include the passage of five securities industry qualifying examinations: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Alabama, California, Idaho, and Washington. (Information current as of July 28, 2022.)

Carlson Law represents several investors involved in GWG L bond claims against financial advisors and investment firms throughout the United States. If you or a loved one have suffered losses investing in GWG L bonds, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.