Littleton, Colorado financial advisor Kiran Devarapalli (CRD# 6416586) was recently fired by LPL Financial in connection with alleged rule violations....Read More
West Advisory’s Walter West: Clients Invested in GWG Holdings
At least two current or former customers of West Advisory Group financial advisor Walter West (CRD# 2167649) are listed as creditors for investments in GWG L bonds and/or preferred stock, according to a recent investor complaint. Filed with a US bankruptcy court in Texas, these records disclose investments totaling more than $250,000. Securities and Exchange Commission records show that the Pittsburgh-based investment advisor is also registered with Milestone Asset Management and Brookstone Capital Management.
Investors should be aware that FINRA Rule 2111 requires advisors like Mr. West to recommend investment to only products and/or strategies that are considered suitable for their customers. In other words, investments must be appropriate for a customer’s background and objectives, based on reasonable diligence into the customer’s investment profile. This includes their age, income, net worth, risk tolerance, investment goals and experience, and other factors. Advisors who recommend recommendations securities may be held liable in the event of damages. More information about GWG L bonds, which may have been unsuitable for some investors, is available here.
According to the Securities and Exchange Commission, Walter West holds 31 years of securities industry experience. Based in Pittsburgh, Pennsylvania, he has been an investment advisor with Milestone Asset Management since 2021, with Brookstone Capital Management since 2018, and with West Advisory Group since 2015. His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Pennsylvania. (Information current as of June 25, 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.