San Diego financial advisor Aubrey Morrow (CRD# 836500) allegedly recommended unsuitable investments, according to recent investor complaints. Financial Industry Regulatory...Read More
Hobert Wealth’s Pat Hobert: Clients Listed as GWG Creditors
At least 11 current or former clients of Centaurus Financial advisor Pat Hobert (CRD# 805680) are listed as creditors for investments in GWG L Bonds and/or preferred stock, according to records filed with a US bankruptcy court in Texas. The records describe investments totaling more than $1 million. Financial Industry Regulatory Authority records show that Mr. Hobert is currently based in Newport Beach, California and does business as Hobert Wealth Management.
Mr. Hobert’s BrokerCheck report discloses several investor complaints. The most recent, filed in June 2022, alleges that as a representative of Centaurus Financial, he “improperly recommended a high-risk, high commission and illiquid investment” in a corporate bond product. The pending complaint alleges damages of $100,001.
In a statement included with the complaint’s disclosure, Mr. Hobert defends himself against the allegations, describing them as meritless. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after her review of all material documentation related to the investment,” he asserts, continuing: “The customer confirmed in writing that she not only received the requisite investment documentation/disclosures, but that she fully understood the characteristics and risks of the investments.”
More information about GWG L bonds, and whether they may have been unsuitable investments for some investors, is available here.
An earlier investor complaint, filed in 2019, alleged that he recommended unsuitable real estate investments while a representative of Centaurus Financial. The complaint reached a settlement of $6,500. In a statement defending himself against the claim, Mr. Hobert described the allegations as meritless and the claimants as wealthy investors for whom the investment was suitable and comprised 0.02 percent of their net worth. “In their complaint, the investors cherry-picked the one investment that has not performed as well as they would have liked, but ignore that their other investments have performed well,” he wrote, adding further: “At all times, I put the customers’ interests first and I will vigorously defend this matter to the fullest extent of the law.”
According to the Financial Industry Regulatory Authority, Pat Hobert holds 46 years of securities industry experience. Based in Newport Beach, California, he has been a broker and an investment advisor with Centaurus Financial since 2007, doing business as Hobert Wealth Management. His past registrations include Wedbush Morgan Securities, Brookstreet Securities Corporation, FSC Securities Corporation, Prudential-Bache Securities, EF Hutton & Company, Southmark Financial Services, CG Equity Sales Company, and American General Capital Planning. His credentials include the passage of five securities industry qualifying exams: the Registered Representative Examination, or Series 1; 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 Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Idaho, Kentucky, Nevada, Oklahoma, and Washington. (Information current as of June 12, 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.