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Timothy McVey: Centaurus Advisor’s Client Listed as GWG Creditor
At least one current or former customer of Centaurus Financial advisor Timothy McVey (CRD# 1535662) is listed as a creditor for a GWG L bond investment, according to public records. These records, filed with a US bankruptcy court, disclosed an investment of $86,000. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Long Beach, California.
As Dallas-based financial services firm GWG Holdings stated in a prospectus filed with the Securities and Exchange Commission, investments in its life settlement-backed L bonds involved “significant risks.” These risks included the chance that investors might lose their entire investment and the absence of a public market for the products. When GWG Holdings filed for bankruptcy in April 2022, according to news reports, it stated that it was under investigation by the SEC, with the regulator specifically probing how brokers sold L bond products. More information about GWG L bonds, and whether they were unsuitable for conservative and/or inexperienced investors, is available here.
According to the Financial Industry Regulatory Authority, Timothy McVey holds 36 years of securities industry experience. Based in Long Beach, California, he has been a broker and an investment advisor with Centaurus Financial since 2004. His past registrations include Mutual Service Corporation (Boston, Massachusetts and Long Beach, California; 1999-2004) and Titan/Value Equities Group (Irvine, California; 1986-1999). His credentials include the passage of four 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; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 50 state licenses. (Information current as of July 3, 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.