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American Trust’s Noel Bragg Receives $50K GWG L Bond Complaint
San Clemente financial advisor Noel Bragg (CRD# 1175231) allegedly breached his fiduciary duty and engaged in other forms of misconduct, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is currently registered as a broker with American Trust Investment Services.
Mr. Bragg’s BrokerCheck report discloses one investor complaint. Filed in May 2023, the complaint alleges that as a representative of WestPark Capital, he breached his fiduciary duty, engaged in negligence and negligent misrepresentation of material facts, breached contract, failed in his supervisory duties, and violated Regulation Best Interest in connection with an investment in a GWG L bond. The pending complaint alleges damages of $50,000.
Investors should be aware of the SEC’s “Regulation Best Interest,” a standard of conduct requiring advisors like Mr. Bragg to recommend only investments and investment strategies that are in their clients’ best interests. Both broker-dealer firms and their registered representatives are beholden to a “Care Obligation, per the regulation,” under which they must “have a reasonable basis to believe that each recommendation or series of recommendations made is in the best interest of the particular retail customer and does not place their financial or other interests ahead of the interest of the retail customer.” Regulation BI states additionally that brokers and advisors must inform their customers of any potential conflicts of interests that might consciously or unconsciously result in them providing “advice that is not disinterested,” as FINRA explains. More information about these rules is available via FINRA.
According to the Financial Industry Regulatory Authority, Noel Bragg holds 37 years of securities industry experience. Based in San Clemente, California, he has been registered as a broker with American Trust Investment Services 2020. His past registrations include Landolt Securities (2018-2020), WestPark Capital (2016-2018), Newport Coast Securities (2009-2016), National Securities Corporation (2007-2009), Brookstreet Securities Corporation (1995-2009), Consolidated Investment Services (1994-1995), Titan/Value Equities Group (1992-1993), Derand/Pennington/Bass (1988-1992), IFG Network Securities (1992), EA Buck & Company (1983-1988). His credentials include the passage of six securities industry qualifying exams: the Direct Participation Programs Representative Examination, or Series 22; 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 Investment Adviser Law Examination, or Series 65. He is licensed in Arkansas, California, Hawaii, Oregon, and Washington. (Information current as of May 30, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. 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.