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Randall McGill: $75K GWG L Bond Complaint Against Ausdal Advisor
A recent investor complaint against Homer Glen, Illinois financial advisor Randall McGill (CRD# 1309727) alleges misconduct relating to an investment in GWG L bonds. Financial Industry Regulatory Authority records show that he is a broker and former investment advisor with Ausdal Financial Partners.
Mr. McGill’s BrokerCheck report discloses one investor complaint. Filed in September 2023, it alleges that as a representative of Ausdal Financial Partners, he failed to conduct due diligence, recommended an unsuitable investment, and breached his fiduciary duty in connection with an investment in GWG L bonds. The pending complaint alleges damages of $75,000.
Investments in GWG Holdings, which reportedly raised more than $1 billion in its life settlement-backed “L bond” products before later filing for bankruptcy while being probed by the SEC, were risky investments were likely unsuitable for conservative investors. FINRA rules require broker-firms and their representatives to recommend only investments that are considered suitable for their customers, based on the customer’s experience, goals, income, liquidity needs, and other factors. Brokers who recommend unsuitable products may be liable in the event of damages.
According to the Financial Industry Regulatory Authority, Randall McGill holds 38 years of securities industry experience. Based in Homer Glen, Illinois, he has been a broker with Ausdal Financial Partners since 2015. His past registrations include JP Turner & Company (Homer Glen, Illinois; 2012-2015), Questar Capital Corporation (Homer Glen, Illinois; 2007-2012), Securities America (Orland Park, Illinois; 2002-2007), LaSalle St. Securities (Elmhurst, Illinois; 1988-1990), GNA Securities (1987-1988), Ogilvie & Taylor Securities Corporation (1986-1987), and Penn Mutual Equity Services (1984-1986). His credentials include the passage of four 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. He is licensed in Arizona, Illinois, Indiana, Ohio, Pennsylvania, and South Carolina. (Information current as of October 3, 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.