Garden City, New York financial advisor (CRD# 5225102) has received multiple investor complaints alleging that his investment recommendations led to...Read More
Wayne Rentschler: New Albany Advisor Has GWG L Bond Complaint
A recent investor complaint against American Equity Investment Corporation financial advisor Wayne Rentschler (CRD# 4873172) alleges misconduct relating to an investment in GWG Holdings. Financial Industry Regulatory Authority records show that he is currently registered as a broker in New Albany, Indiana.
Mr. Rentschler’s BrokerCheck report discloses one investor complaint. Filed in August 2022, it details unspecified allegations regarding an investment in an L bond issued by GWG, which ceased interest payments in February 2022 and filed for Chapter 11 bankruptcy in April 2022. The pending complaint alleges damages of $86,000.
In April 2022 the Wall Street Journal published a report on GWG Holdings, formerly an alternative asset management firm headquartered in Dallas, Texas. GWG Holdings was reportedly known as the issuer of L bonds, corporate bonds that “pooled money from bond investors to purchase life-insurance policies on the secondary market,” repaying the debts via the life insurance payments when policyholders died. The company raised approximately $1.6 billion “mostly from individual investors,” per the report, before later filing for Chapter 11 bankruptcy. The DI Wire has reported that GWG stated its bankruptcy filings that it was under investigation by the Securities and Exchange Commission, which was examining “how bonds were sold by brokers.” In June 2022, the SEC filed charges against broker-dealer Western International Securities and five of its brokers, alleging that they violated the SEC’s Best Interest Obligation in connection with the recommendation and sale of GWG L bonds to retail investors, including retirees. More information on GWG L bonds is available here.
According to the Financial Industry Regulatory Authority, Wayne Rentschler holds 15 years of securities industry experience. Based in New Albany, Indiana, he has been a broker with American Equity Investment Corporation since 2007. He was previously registered with UBS Financial Services in Weehawken, New Jersey from January 2005 until November 2005. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed as a broker in Indiana, Kentucky, and Ohio. (Information current as of September 13, 2022.)
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