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Ron McLeod: $400K GWG Complaint Against Ex-Arque Capital Advisor
Records filed with a US bankruptcy court indicate that at least four current or former customers of former Moloney Securities and Arque Capital advisor Ron McLeod (CRD# 3078366) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock. The records describe investments totaling more than $1 million. Financial Industry Regulatory Authority records show that Mr. McLeod was most recently based in Manchester, Missouri.
Mr. McLeod’s BrokerCheck report discloses seven investor complaints. The most recent, filed in November 2022, alleges that as a representative of Arque Capital, he acted negligently and breached his fiduciary duty in connection with investments in GWG. The pending complaint alleges damages of $400,000.
An earlier investor complaint, filed in August 2022, similarly alleged negligence and breach of fiduciary duty while he was at Arque Capital. The pending complaint alleges damages of $244,000.
A third investor complaint, filed in 2022, alleged breach of fiduciary duty, negligence, misrepresentation, and breach of contract while he was at Arque Capital. The pending complaint alleges damages of $98,000.
A fourth investor complaint, filed in 2022, alleged unsuitable investment recommendations and failure to conduct due diligence while he was an Arque Capital representative. The pending complaint alleges damages of $482,687. A fifth complaint, filed in July 2022, similarly alleges due diligence failures and unsuitable recommendations of alternative investments. The pending complaint seeks damages of $310,000.
A sixth investor complaint, filed in August 2022, alleges misrepresentations and omissions, breach of fiduciary duty, breach of contract, supervisory failures, negligence, unsuitable investment recommendations, and violation of federal securities laws while he was registered with Arque Capital. The pending complaint alleges damages of $57,000. A seventh, filed in 2012, alleged that as a representative of Workman Securities corporation, he made misrepresentations of material facts and recommended unsuitable REIT private placements. In 2013 the complaint reached a settlement of $60,000.
According to the Financial Industry Regulatory Authority, Ron McLeod holds 23 years of securities industry experience. His registration history includes Moloney Securities (Manchester, Missouri; 2021-2022), Arque Capital (Bradenton, Florida; 2012-2021), Allied Beacon Partners (Sarasota, Florida; 2011-2012), American Beacon Partners (Eau Claire, Wisconsin; 2010-2011), Allegiant Securities (Miami, Florida; 2009-2010), Workman Securities Corporation (Sarasota, Florida; 2005-2009), Oberweis Securities (Lisle, Illinois; 2004), Investment Centers of America (Appleton, Wisconsin; 2003-2004), AllState Financial Services (Lincoln, Nebraska; 2002), Rosenthal Collins Securities (Chicago, Illinois; 2001-2002), H&R Block Financial Advisors (Detroit, Michigan (1999-2001), and Dean Witter Reynolds (1998-1999). He is not currently licensed as a broker or an investment advisor. (Information current as of May 31, 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.