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John Wolf: GWG Complaint Against Appleton-Based Cornerstone Advisor

A recent investor complaint against Appleton, Wisconsin financial advisor John Wolf (CRD# 1846080) alleges several forms of misconduct stemming from an investment in GWG L bonds. Records provided by the Financial Industry Regulatory Authority and the Securities and Exchange Commission show that he is currently an investment advisor with Cornerstone Financial Planning.

Mr. Wolf’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in September 2022, alleges fraud, misrepresentation, and negligence in connection with the sale of GWG L bonds while he was at Cornerstone Financial Planning. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in 2011, alleged that as a representative of Raymond James Financial Services, he recommended unsuitable variable annuity investments, acted negligently, breached his fiduciary duty, and made misrepresentations of material facts. The complaint reached a settlement of $30,000.

A third investor complaint, filed in 2009, alleged that he misrepresented an annuity product as having a living benefit rider “when in fact it did not.” The complaint reached a settlement of $52,415.76.

A fourth investor complaint, filed in 2009, alleged that he did not tell the investor that her annuity’s principal “would be guaranteed only when she died.” The complaint reached a settlement of $8,652.96.

Mr. Wolf’s BrokerCheck report also discloses his 2009 termination from Raymond James Financial Services. According to the disclosure, he was fired in connection with allegations involving “various variable annuity complaints and failure to disclose outside fixed annuity business.” 

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, John Wolf holds 34 years of securities industry experience. Based in Appleton, Wisconsin, he has been an investment advisor with Cornerstone Financial Planning since 2009. His past registrations include Purshe Kaplan Sterling Investments, Raymond James Financial Services, Banc One Securities Corporation, American Express Financial Advisors, and IDS Life Insurance Company. 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 not currently licensed as a broker, though he is licensed as an investment advisor in Illinois, North Carolina, and Wisconsin. (Information current as of December 15, 2022.)

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.

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