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Mike Wallace: Ex-Independence Capital Advisor’s Client Invested in GWG
At least one current or former client of former Independence Capital Company advisor Mike Wallace (CRD# 2237683) is listed in public records as a creditor for an investment in GWG Holdings preferred stock. Filed with a US bankruptcy court, these records disclose an investment of $88,508.35. Financial Industry Regulatory Authority records show that Mr. Wallace is currently registered as a broker and an investment advisor with AE Financial Services and an investment advisor with Financial Services of America in Warren, Michigan.
FINRA rules stipulate that brokers must recommend investments that are considered suitable for a given customer’s background and objectives, including their tolerance for risk. This means, for example, that they generally may not recommend risky investments to conservative investors. If your advisor recommended investments in GWG L bonds that exceeded your tolerance for risk, they may be liable for damages. Investors should be aware that GWG Holdings, which issued L bonds, filed for bankruptcy in 2022 and has been investigated by the Securities and Exchange Commission in connection with these products. More information is available via our investor resource.
According to the Financial Industry Regulatory Authority, Mike Wallace holds 30 years of securities industry experience. Based in Warren, Michigan, he has been a broker with AE Financial Services since 2022 and an investment advisor with Financial Services of America since 2017. His past registrations include Independence Capital Company (Warren, Michigan; 2006-2022), USAllianz Securities (Warren, Michigan; 2002-2006), MTL Equity Products (Fountain Hills, Arizona; 2002), IAC Securities (Tinley Park, Illinois; 1997-2002), and Mariner Financial Services (Largo, Florida; 1992-1993, 1994-1997). His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 Operations Professional Examination, or Series 99TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Colorado, Florida, Massachusetts, Michigan, Pennsylvania, Texas, and Virginia. (Information current as of June 23, 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.