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Michael Barrows: GWG Complaint Against Ex-Accelerated Advisor
Records filed with a US bankruptcy court indicate that at least one current or former client of former Accelerated Capital Group broker Michael Barrows (CRD# 2933260) is listed as a creditor for investments in GWG Holdings L bonds. The records describe investments totaling $1 million. Records maintained by the Financial Industry Regulatory Authority and the Securities and Exchange Commission show that Mr. Barrows is currently an investment advisor with M Stevens Wealth Advisors in Irvine, California.
Mr. Barrows’ FINRA-published BrokerCheck report discloses one recent investor complaint. Filed in August 2022, the complaint alleges that as a representative of Accelerated Capital Group, he recommended an unsuitable investment in GWG L bonds in 2018. The pending complaint alleges unspecified damages.
In a statement included with the pending complaint’s disclosure, Mr. Barrows defends himself against the claim and describes the claimant as a “wealthy business owner” with income-earning objectives. “The registered representative recommended GWG L-Bonds which had never missed an interest payment and was suitable at the time,” he wrote, adding further: “This is a frivolous claim, the RR, Supervisor and CCO Stewart had no way of predicting that the issuer would be in trouble so far down the road. It is very unfortunate that GWG appears to have mismanaged their business, but respondents vehemently deny any wrongdoing on our part.”
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Michael Barrows holds 22 years of securities industry experience. Based in Irvine, California, he has been an investment advisor with M Stevens Wealth Advisors since 2018. His past registrations include Kingswood Capital Partners (Irvine, California; 2018-2023), Accelerated Capital Group (Costa Mesa, California; 2017-2018), Chalice Wealth Advisors (Costa Mesa, California; 2018), American Asset Advisory (Costa Mesa, California; 2017-2018), Trilogy Capital (Irvine, California; 2016-2017), National Planning Corporation (Irvine, California; 2003-2017), Pacific Cornerstone Capital (Santa Ana, California; 2001-2002), National Planning Corporation (Los Angeles, California; 1999), and SunAmerica Securities (Phoenix, Arizona; 1997-1999). His credentials include the passage of five 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; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is currently licensed as an investment advisor in Arizona and California. (Information current as of May 31, 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.