Joseph Beam: GWG Complaints Against Beam & Associates Advisor

Former Flat Rock, North Carolina financial advisor Joseph Beam (CRD# 5407778) allegedly engaged in misconduct in connection with investments in GWG Holdings, according to recent investor complaints. Records filed with a US bankruptcy court in Texas reveal that at least two of his current or former clients are listed as creditors for 6-figure investments in GWG Holdings. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Capital Investment Group, operating as the owner of Beam & Associates Financial Advisors.

Mr. Beam’s BrokerCheck report discloses three investor complaints. The most recent, filed in February 2023, alleges that as a representative of Capital Investment Group, he breached contract and breached his fiduciary duty. The pending complaint alleges damages of $125,000.

An earlier investor complaint, filed in May 2022, alleges that as a representative of Capital Investment Group, he misrepresented material facts and recommended an unsuitable investment in GWG Holdings. The pending complaint alleges damages of $160,000.

A third investor complaint, filed in July 2022, alleges the recommendation of an unsuitable investment. The complaint, whose disclosure notes that Mr. Beam “was not named as a respondent” but “was clearly reference in the Statement of Claim,” alleges damages of $80,000.

According to the Financial Industry Regulatory Authority, Joseph Beam holds 15 years of securities industry experience. He was most recently registered as a broker with Capital Investment Group in Flat Rock, North Carolina, from 2013 until 2023. His registration history also includes SunTrust Investment Services in Hendersonville, North Carolina, where he was registered from 2007 until 2013. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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 not currently licensed as a broker with any FINRA member firm. (Information current as of June 12, 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.