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Nancy Cole: Sacramento Advisor Charged in SEC’s GWG L Bond Complaint
The Securities and Exchange Commission has filed charges against Western International Securities advisor Nancy Cole (CRD# 2900724), alleging she recommended unsuitable sales of GWG L bonds. Financial Industry Regulatory Authority records show that she is a broker and an investment advisor based in Sacramento, California.
Filed in June 2022, the SEC’s complaint names Ms. Cole, Western International Securities, and four other firm representatives, according to a disclosure on her BrokerCheck report. It alleges that she “failed to exercise reasonable diligence, care, and skill to understand the risks, rewards, and costs” of investments in GWG L bonds when recommending them to retail customers. The SEC describes the investments in question as “high risk, illiquid, and only suitable for customers with substantial financial resources,” alleging that Ms. Cole and the other defendants did not understand the L bonds’ risks when selling approximately $13.3 million in the products to customers. The SEC describes the customers in question as having “moderate-conservative or moderate risk tolerances, investment objectives that did not include speculation, limited investment experience, limited liquid net worth,” adding that some of them were retirees. Ms. Cole allegedly violated the Rule 15l-1(a)(1) of the Exchange Act, which requires broker-dealers and their representatives to act in their customers’ best interests, according to the SEC. The charges remain pending.
Ms. Cole’s BrokerCheck report discloses one investor complaint against her. Filed in September 2021, it alleges that an investment sold in December 2019 was unsuitable. The pending complaint alleges unspecified damages believed to exceed $5,000.
According to the Financial Industry Regulatory Authority, Nancy Cole holds 25 years of securities industry experience. Based in Sacramento, California, she has been a broker and an investment advisor with Western International Securities since 2008. Her past registrations include First Allied Securities, Investors Resources Group, Sterling Financial Investment Group, Morgan Stanley, and Morgan Stanley DW. Her credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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. She is licensed in Alabama, California, Oregon, and Texas. (Information current as of August 22, 2022.)
Carlson Law represents several investors involved in GWG L bond claims against financial advisors and investment firms throughout the United States. If you or a loved one have suffered losses investing in GWG L bonds, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.