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Mike Nielson: Did Nielson Wealth Advisor Recommend GWG?
At least one current or former customer of Nielson Wealth Management advisor Mike Nielson (CRD# 4546896) is listed as creditor for an investment in GWG L bonds. Filed with a US bankruptcy court, the records disclose an investment of $80,000. He has also received an investor complaint in connection with a GWG investment. Financial Industry Regulatory Authority records show that he the IFP Securities broker and Independent Financial Partners advisor is based in Greenwood Village, Colorado.
Mr. Nielson’s BrokerCheck report discloses one investor complaint. Filed in August 2023, it alleges that as a representative of IFP Securities, he unsuitably recommended an investment in GWG Holdings. The pending complaint alleges damages of $150,000.
As a 2022 report by the Wall Street Journal described, GWG L bonds were life insurance-backed debentures issued by GWG Holdings, an investment firm headquartered in Dallas. With more than $1 billion raised in the bonds’ offering, GWG underwent a series of financial difficulties before filing for Chapter 11 bankruptcy, disclosing in filings that the SEC was investigating its sale of L bonds. As the L bond prospectus notes, investments in these products involved “a high degree of risk,” including the lack of public markets for L bonds and litigation clawback claims against the company’s controlling stockholders and principal executives. Financial advisors who recommended risky investments in GWG Holdings to conservative or inexperienced investors be liable for damages. More information about these products is available here.
According to the Financial Industry Regulatory Authority, Mike Nielson holds 21 years of securities industry experience. Based in Greenwood Village, Colorado, he has been a broker with IFP Securities and an investment advisor with Independent Financial Partners since 2019. His past registrations include Cetera Advisors (Greenwood Village, Colorado; 2012-2019), LPL Financial (Boulder, Colorado; 2006-2012), and Edward Jones (Lafayette, California; 2002-2006). 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 holds 40 state licenses. (Information current as of September 17, 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.