GWG L-Bond Complaint Against Intervest’s Jonathan Ellefson

Harker Heights, Texas financial advisor Jon Ellefson (CRD# 1625977) has received investor complaints alleging his advice resulted in six-figure losses. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Intervest International Equities Corporation, doing business as Ellefson & Associates.

Mr. Ellefson’s BrokerCheck report discloses several recent complaints. The most recent, filed in June 2022, alleges that as a representative of Intervest International Equities Corporation, he breached his fiduciary duty, made unsuitable investment recommendations involving GWG L-bonds, made misrepresentations and omissions of material information, violated FINRA rules, and breached contract. The pending complaint alleges damages of $373,000.

A second investor complaint, filed in 2019, alleged that Mr. Ellefson sold “improper products.” In 2020 the complaint reached a settlement of $145,000.

A third investor complaint, filed in 2017, alleged that as an Intervest International Equities representative, Mr. Ellefson sold unsuitable ICON equipment leasing investments. In 2018 the complaint reached a settlement of $125,000.

According to the Financial Industry Regulatory Authority, Jon Ellefson holds 35 years of securities industry experience. Based in Harker Heights, Texas, he has been a broker and investment advisor with Intervest International Equities Corporation since 1992 and 2008, respectively. He was previously registered with American Express Financial Advisors in Minneapolis, Minnesota from 1987 until 1991. His credentials include the passage of five securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Uniform Investment Adviser Law Examination, or Series 65; the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; and the Securities Industry Essentials Examination, or SIE. He is licensed in Arizona, Arkansas, California, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Texas, Virginia, and Wisconsin. (Information current as of July 13, 2022.)

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