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Alliance Global Partners’ Salvatore Renzo: GWG Investments
At least two current or former clients of Alliance Global Partners advisor Salvatore Renzo (CRD# 2518851) are listed as creditors for investments in GWG L Bonds and/or preferred stock, according to records filed with a US bankruptcy court. These records reflect investments totaling more than $180,000. Financial Industry Regulatory Authority records show that Mr. Renzo is currently based in New York City.
For reference, GWG Holdings is a Dallas-based financial service firm that reportedly used investors’ funds to buy life insurance policies on the secondary market and repay investors when the policies paid out. The company disclosed in a 2020 filing with the Securities and Exchange Commission that it was experiencing financial challenges and SEC scrutiny. In 2022 the company announced that it was suspending sales, interest, maturity, dividend, and redemption payments to L Bond and Preferred Stockholders; a few months after that, it filed for bankruptcy. If your financial advisor misrepresented the risk of investments in GWG Holdings, or over-concentrated these investments in your portfolio, they may be liable to you.
Mr. Renzo’s BrokerCheck report discloses two denied investor complaints. The most recent, filed in 2007, alleged that he failed to follow instructions while a representative of Garden State Securities. A second complaint, filed in 2000, alleged that he effected an unauthorized transaction. Both complaints were denied after a review by the recipient firm.
According to the Financial Industry Regulatory Authority, Salvatore Renzo holds 28 years of securities industry experience. Based in New York City, he has been a broker and an investment advisor with Alliance Global Partners since 2019. His registration history includes Aegis Capital Corporation (New York, New York; 2014-2019), First Midwest Securities (White Plains, New York; 2011-2014), ING Financial Partners (White Plains, New York; 2008-2011), Garden State Securities (New York, New York; 2005-2008), Oppenheimer & Company (New York, New York; 2002-2005), Gruntal & Company (New York, New York; 2001-2002), Ryan Beck & Company (Florham Park, New Jersey; 2002), Josephthal & Company (New York, New York; 1998-2001), MS Farrell & Company (Syosset, New York; 1998), HJ Meyers & Company (Rochester, New York; 1996-1998), Gruntal & Company (New York, New York; 1995-1996), and Continental Broker-Dealer Corporation (Carle Place, New York; 1994-1995). His credentials include the passage of five 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; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Connecticut, the District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Virginia, and Wisconsin. (Information current as of June 12, 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.