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Pat Shortal: Moloney Advisor’s Client Invested $204K in GWG
At least one current or former client of Moloney Securities financial advisor Pat Shortal (CRD# 2233172) is listed as creditor for an investment in GWG L bonds, according to public records. Filed with a bankruptcy court in Texas, these records disclose an investment totaling $204,400. Financial Industry Regulatory Authority records show that Mr. Shortal is a broker based in Jerseyville, Illinois.
GWG L bonds are life settlement-backed bonds marketed by Dallas-based asset management firm GWG Holdings, which reportedly raised more than $1 billion from investors in its bond products. As GWG Holdings stated in a prospectus filed with the Securities and Exchange Commission, an investment in L bonds was associated with “significant risks,” including the possibility that investors might lose their entire investment. Other risks include the absence of any secondary market on which investors could sell their products. “No public market for the L Bonds exists and none is expected to develop,” the prospectus states. “As a result, the transferability of the L Bonds will be limited. Accordingly, the purchase of L Bonds is not suitable for investors desiring liquidity at any time prior to the maturity of the L Bonds.” For these and other reasons, investments in GWG L bonds were likely unsuitable for investors with little experience and/or low tolerances for risk.
According to the Financial Industry Regulatory Authority, Pat Shortal holds 30 years of securities industry experience. Based in Jerseyville, Illinois, he has been a broker with Moloney Securities since 2012. His registration history includes Eagle One Investments (Jerseyville, Illinois; 2001-2012), Fintegra (Minneapolis, Minnesota; 2001), Primevest Financial Services (St. Cloud, Minnesota; 1997-2001), Walnut Street Securities (El Segundo, California; 1994-1997), Equico Securities (New York, New York; 1992-1994), and the Equitable Life Assurance Society of the United States (New York, New York; 1992-1994). His credentials include the passage of four securities industry qualifying exams: 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; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Florida, Idaho, Illinois, Missouri, and Nevada. (Information current as of June 22, 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.