Suzanne Powell: Meridian Advisor’s Clients Are GWG Creditors

At least 22 current or former customers of Meridian Wealth Management advisor Suzanne Powell (CRD# 4752270) 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 describe investments totaling more than $2.5 million. Securities and Exchange Commission records show that Ms. Powell is currently based in Lexington, Kentucky.

Dallas-based asset manager GWG Holdings filed for Chapter 11 bankruptcy in April 2022, according to a report by SWFI, following disclosures a few month earlier that the firm “was unable to continue making payments on the L Bonds.” It had raised as much as $1.6 millions from investors in these bonds over the preceding years. As the report states, these funds “pooled money from bond investors to purchase life insurance policies on the secondary market; GWG Holdings then used payouts from the policies when people died to repay investors.” GWG reportedly failed to make payments totaling $13.6 million related to these bonds and had an outstanding principal amount exceeding $1 billion as of September 30 and December 31, 2020, per SWFI. More information about GWG L bonds is available here.

According to the Securities and Exchange Commission, Suzanne Powell holds 19 years of securities industry experience. Based in Lexington, Kentucky and The Villages, Florida, she has been an investment advisor with Meridian Wealth Management since 2016. Her past registrations include Wells Fargo Advisors (Lexington, Kentucky; 2012-2016), Chase Investment Services Corporation (Lexington, Kentucky; 2007-2012), and Banc One Securities Corporation (Chicago, Illinois; 2004-2005). Her 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 Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. She is licensed in Florida and Kentucky. (Information current as of June 4, 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.