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Justin Singletary: GWG L Bond Complaint Against Ex-Westpark Advisor
A recent investor complaint against former Westpark Capital broker Justin Singletary (CRD# 6325695) recommended an unsuitable investment in GWG L bonds. Financial Industry Regulatory Authority records show that Mr. Singletary is no longer registered as a broker. Securities and Exchange Commission records show that he is registered as an investment advisor with Quiver Financial Holdings in San Clemente, California.
Mr. Singletary’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that as a representative of Westpark Capital, he misrepresented and recommended unsuitable investments in GWG L bonds. The pending complaint alleges unspecified damages.
The Wall Street Journal published a report in April on Dallas-based alternative asset manager GWG Holdings. According to the report, GWG was known for its L bond products: these were corporate bonds that “pooled money from bond investors to purchase life-insurance policies on the secondary market,” using the eventual insurance payouts to repay their debts. GWG Holdings reportedly raised approximately $1.6 billion from investors before entering Chapter 11 bankruptcy. As The DI Wire reported, GWG revealed in bankruptcy filings that the Securities and Exchange Commission was probing the company. In June 2022, the SEC announced charges against Western International Securities and five of the broker-dealer’s representatives, alleging they violated the SEC’s Regulation Best Interest when recommending and selling GWG L bonds to retail investors. More information on GWG L bonds is available here.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Justin Singletary holds five years of securities industry experience. Based in San Clemente, California, he has been an investment advisor with Quiver Financial Holdings since May 2021. His past registrations include Westpark Capital (Newport Beach, California; 2017-2020) and TransAmerica Financial Advisors (Norco, California; 2016). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or 7TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in California. (Information current as of October 12, 2022.)
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