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Nick Owoyemi: Newbridge Advisor’s Client Invested in GWG

Records filed with a US bankruptcy court show that at least one former client of Newbridge Financial Services advisor Nick Owoyemi (CRD# 1822177) is listed as a creditor for an investments in a GWG Holdings L bonds. The records describe an investment of $80,000. Financial Industry Regulatory Authority records show that Mr. Owoyemi is currently based in New York City.

Mr. Owoyemi’s BrokerCheck report discloses one investor complaint. Filed in 2015, the complaint alleged that as a representative of RM Stark & Company, he improperly used discretion, failed to follow instructions, purchased unsuitable securities, acted negligently, and “willfully and recklessly violated the high standards of commercial honor and equitable principles of trade.” The complaint reached a settlement of $55,000.

Two other disclosures on Mr. Owoyemi’s BrokerCheck report describe his departure from former member firms. In 2012, he was “permitted to resign” from his position at Merrimac Corporate Securities in connection with alleged discrepancies between paperwork he submitted to the firm and original documents he provided to an insurance company. A few years earlier, in 2009, he was terminated from his position at Chase Investment Services Corporation in connection with allegations he breached firm rules “by submitting a pre-signed, incomplete photo copy document and by not obtaining clients initials on new information added to the document as well as incorrectly marking 3 transactions as unsolicited when in fact they were solicited.”

Investors can find information about GWG Holdings, which reportedly raised funds totaling more than $1 billion from investors in “L bonds” before later filings for Chapter 11 bankruptcy and coming under SEC scrutiny, is available via this resource.

According to the Financial Industry Regulatory Authority, Nick Owoyemi holds 32 years of securities industry experience. Based in New York, New York, he has been a broker with Newbridge Securities Corporation since 2016. His past registrations include RM Stark & Company (New York, New York; 2012-2016), Merrimac Corporate Securities (Altamonte Springs, Florida; 2010-2012), WallStreet*E Financial Services (Coral Gables, Florida; 2010), Chase Investment Services Corporation (Brooklyn, New York; 2009), Wamu Investments (Brooklyn, New York; 2008-2009), AIG Financial Advisors, SunAmerica Securities, UVest Financial Services Group, Citicorp Investment Services, Financial Horizons Securities Corporation, NYLife Securities, and Malone & Associates. 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 is licensed in Florida, New Jersey, and New York. (Information current as of June 4, 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.

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