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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.)
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