Close Menu
Free Consultation: 888-976-6111

Rene Castro: Did Upland Advisor Sell Unsuitable GWG L Bonds?

A recent investor complaint against Upland, California financial advisor Rene Castro (CRD# 2559410) alleged that he recommended unsuitable GWG L bonds. Financial Industry Regulatory Authority records show that he is a broker with Great Point Capital in Chicago and an investment advisor with Retirement Wealth Management in Upland. 

L Bond Complaint Settled for $175,000

Mr. Castro’s BrokerCheck report discloses several investor complaints. One of the most recent was filed in May 2022. It alleged that while he was a representative of Great Point Capital, he acted negligently, breached his fiduciary duty, and breached contract in connection with an investment in GWG L bonds. In November 2022 the complaint reached a settlement of $175,000. An earlier complaint, filed in 2010, alleged unsuitable variable annuity sales while he was at TransAmerica Financial Advisors, settling for $11,000. A third complaint, filed in June 2022, alleges unspecified allegations in connection with a corporate bond investment, seeking damages of $100,000.

Reports: SEC Investigating GWG Holdings

In April 2022 The Wall Street Journal reported on GWG Holdings, an alternative asset manager based in Dallas, Texas. The company was reportedly sold investments in L bonds, “which pooled money from bond investors to purchase life-insurance policies on the secondary market.” It raised about $1.6 billion in funds, with its customer base largely consisting of retail investors, per reports. GWG later filed for Chapter 11 bankruptcy, disclosing in legal filings that it was under scrutiny from by the Securities and Exchange Commission, according to a report by The DI Wire. GWG reportedly specified that the SEC which looking into “how bonds were sold by brokers.” More information about GWG L bonds, and whether they may have been unsuitable investments for some investors, is available here. 

FINRA: Castro Based in Upland, California; Chicago, Illinois

According to the Financial Industry Regulatory Authority, Rene Castro has spent 21 years working as a broker. He is currently registered in Chicago, Illinois, where he is a broker with Great Point Capital; and in Upland, California, where he is an investment advisor with Retirement Wealth Management. His registration history includes Center Street Securities Concorde Investment Services, Centaurus Financial, InterSecurities, and Securities America. Having passed five securities industry exams, he currently holds nine state licenses. (Information current as of November 26, 2022.)

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Richard Brittain: Equitable Advisor Faces Variable Annuity Complaint

    A recent investor complaint against Valencia, California financial advisor Richard Brittain (CRD# 5928857) alleges that his conduct resulted in losses....

    Read More
  • Jennifer McIntyre: Did Raymond James Advisor Misappropriate Funds?

    Chattanooga financial advisor Jennifer McIntyre (CRD# 5853811) allegedly misappropriated funds, according to a recent investor complaint. Financial Industry Regulatory Authority...

    Read More
  • James Blaszyk: $400K Complaint Against Wells Fargo Advisor

    A recent investor complaint against Boynton Beach, Florida financial advisor Jim Blaszyk (CRD# 5364851) alleges that his investment advice resulted...

    Read More
  • Joe Natoli: New York Fines Park Avenue Securities Advisor

    New York City financial advisor Joe Natoli (CRD# 5364851) was recently sanctioned by the New York State Department of Financial...

    Read More
  • Previous
  • Next