Tony Jacobi: American Equity Advisor Faces GWG Complaint

New Albany, Indiana financial advisor Tony Jacobi (CRD# 1217509) is involved in an investor complaint alleging that an investment in a GWG L bond resulted in losses. Financial Industry Regulatory Authority records show that he is currently a broker registered with American Equity Investment Corporation.

Mr. Jacobi’s BrokerCheck report discloses one investor complaint. Filed in March 2023, the complaint alleges that as a representative of American Equity Investment Corporation, he sold an investment in a GWG L bond that stopped paying interest in February 2022, two months before GWG filed for Chapter 11 bankruptcy. The pending complaint alleges damages of $25,000.

GWG Holdings was a Dallas-based alternative asset manager, according to an April 2022 report by the Wall Street Journal. GWG was known for selling L bonds, “which pooled money from bond investors to purchase life-insurance policies on the secondary market,” and pay investors back when the policies paid out. GWG Holdings raised approximately $1.6 billion in funds “mostly from individual investors” according to reports, before later filing for Chapter 11 bankruptcy. GWG Holdings disclosed in its bankruptcy filings that it was under scrutiny from the Securities and Exchange Commission investigation, according to The DI Wire, with the regulator specifically looking at “how bonds were sold by brokers.” More information on GWG L bonds, and whether they may have been unsuitable investments for some investors, is available here.

According to the Financial Industry Regulatory Authority, Tony Jacobi holds 39 years of securities industry experience. Based in New Albany, Indiana, he has been a broker with American Equity Investment Corporation since 2009. His registration history includes Waterstone Financial Group (Louisville, Kentucky; 2004-2009), the ON Equity Sales Company (Cincinnati, Ohio; 1991-2004), PML Securities Company (Newark, Delaware; 1988-1991), Integrated Resources Equity Corporation (1987-1988), Guardian Investor Services Corporation (1984-1987), and Cardell & Associates (1984). His credentials include the passage of four 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; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Florida, Georgia, Indiana, and Kentucky. (Information current as of April 8, 2023.)

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