Patrick Durst: $300K GWG L Bond Complaint Against LifeMark Advisor

Centennial, Colorado financial advisor Patrick Durst (CRD# 6328382) recently received an investor complaint alleging a GWG L bond investment resulted in 6-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LifeMark Securities.

Mr. Durst’s BrokerCheck report disclsoes two investor complaints. The most recent, filed in June 2022, alleges that as a representative of LifeMark Securities, he told a 77-year-old retiree with limited investment experience that “GWG L bonds were a safe investment and that If she invested $100,000 in L bonds, she would make $75,000 over seven years.” The investor, who “had a moderate risk tolerance and wanted to preserve her retirement money,” also alleged that Mr. Durst omitted that LifeMark would receive a commission on the investment in GWG, which later filed for Chapter 11 bankruptcy. The claim additionally alleges breach of fiduciary duty and violations of securities laws and industry rules. The pending complaint alleges damages of $300,000.

A second investor complaint against Mr. Durst, filed in April 2022, alleges that he breached his fiduciary duty, breached contract, acted negligently, and misrepresented and omitted material facts relating to GWG L bond investments. The pending complaint alleges unspecified damages.

According to the Financial Industry Regulatory Authority, Patrick Durst holds seven years of securities industry experience. Based in Centennial, Colorado, he has been a broker and an investment advisor with LifeMark Securities since 2018. He was previously registered with Jackson National Life Distributors in Denver, Colorado from 2014 until 2018. His credentials include the passage of five securities industry qualifying examinations: 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 Combined State Law Examination, or Series 66. He holds 20 state licenses. (Information current as of August 21, 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.