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Richard Schwartz: Did Ex-National Securities Advisor Sell GWG L Bonds?
At least 11 current or former customers of former National Securities advisor Richard Schwartz (CRD# 2037308) are listed as creditors for investments in GWG L Bonds and/or preferred stock, according to records filed with a US bankruptcy court in Texas. The records describe investments totaling more than $1.5 million. Financial Industry Regulatory Authority records show that Mr. Schwartz is currently a representative of B. Riley Wealth Management in the Bronx, New York.
Investments in GWG Holdings, which raised more than $1 billion in its life settlement-backed “L bond” products before filing for bankruptcy amidst regulatory scrutiny, were risky investments that brokers should only have sold to sophisticated investors with a high risk tolerance. FINRA rules require broker-firms and their representatives to ensure that the investments they recommend are suitable for their clients, based on their clients’ investment experience, goals, income, liquidity needs, and other factors. Brokers and advisors who recommend unsuitable investments and strategies may be held liable in the event of losses and/or subject to disciplinary action.
According to the Financial Industry Regulatory Authority, Richard Schwartz holds 31 years of securities industry experience. Based in the Bronx, New York, he has been a broker and an investment advisor with B. Riley Wealth Management since 2022. His past registrations include National Securities Corporation (Bronx, New York; 2013-2022), Prime Capital Services (Bronx, New York; 2005-2013), NFB Investment Services (Melville, New York; 1997-2005), Compass Investment Services (1997), Chase Investment Services (Chicago, Illinois; 1996-1997), Chemical Investment Services Corporation (1995-1996), MetLife Securities (Springfield, Massachusetts; 1991-1995), and Metropolitan Life Insurance Company (New York, New York; 1991-1995). His credentials include the passage of five 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; the Operations Professional Examination, or Series 99TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Connecticut, Delaware, Florida, Georgia, Massachusetts, Nevada, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, and Texas. (Information current as of June 13, 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.