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Stefan Shimshidian: Cabot Lodge Advisor Faces $235K GWG Complaint
A recent investor complaint against Cabot Lodge Securities advisor Stefan Shimshidian (CRD# 3043669) alleges six-figure damages in connection with a GWG L bond investment. Public records filed with a US bankruptcy court in Texas disclose that one of his current or former clients is listed as a creditor for an $85,000 investment in a GWG L bond. Financial Industry Regulatory Authority records show that Mr. Shimshidian is currently based in White Plains, New York.
Mr. Shimshidian’s BrokerCheck report discloses two investor complaint. The most recent, filed in June 2023, alleges that he breached his fiduciary duty, acted negligently, misrepresented material facts, breached contract, failed in his supervisory duties, and violated Regulation Best Interest in connection with GWG L Bond investments. The pending complaint alleges damages of $171,500.
An earlier complaint, filed in September 2022, alleges that as a representative of Cabot Lodge Securities, he violated federal securities law and the New York Consumer Protection Act, committed fraud, breached contract, and acted negligently in connection with an investment in GWG L bonds. The pending complaint alleges damages of $235,000.
GWG L bonds, issued by a company that filed for bankruptcy last year while being investigated by securities regulators, may have been unsuitable products for inexperienced and/or conservative investors. More information about these products is available via this resource.
According to the Financial Industry Regulatory Authority, Stefan Shimshidian holds 24 years of securities industry experience. Based in White Plains, New York, he has been a broker with Cabot Lodge Securities since 2013. His registration history includes Allied Beacon Partners (Pleasantville, New York; 2009-2013), Advanced Planning Securities (White Plains, New York; 2008), Clark Dodge & Company (White Plains, New York; 2005-2008), Banc of America Investment Services (Boston, Massachusetts; 2004-2005), Quick & Reilly (New York, New York (2002-2004), and Citicorp Investment Services (Long Island City, New York; 1999-2002). His credentials include the passage of four securities industry qualifying exams: 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 Investment Adviser Law Examination, or Series 65. He is licensed in California, Connecticut, Florida, New Jersey, New York, North Carolina, South Carolina, and Vermont. (Information current as of August 5, 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.