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New GWG L Bond Complaint Against Willy Miranda, Ausdal Advisor
Oakbrook Terrace, Illinois financial advisor Willy Miranda (CRD# 3273284) recently received an investor complaint alleging that a GWG L bond investment resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Ausdal Financial Partners, having previously been registered with Moloney Securities.
Mr. Miranda’s BrokerCheck report discloses one investor complaint. Filed in August 2022, it alleged unsuitable investment recommendations, due diligence failures, breach of contract, and supervisory failures connected with investments in GWG L bonds. The pending complaint alleges damages of $100,000.
In April 2022, the Wall Street Journal described GWG Holdings as a Dallas-based alternative asset manager. The firm was known for a product called 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” and then later filed for Chapter 11 bankruptcy. As The DI Wire reported, GWG Holdings disclosed in its bankruptcy filings that it was under scrutiny from the Securities and Exchange Commission investigation, which was specifically probing “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, Willy Miranda holds 15 years of securities industry experience. Based in Oakbrook Terrace, Illinois, he has been a broker and an investment advisor with Ausdal Financial Partners since 2012. His previous registrations include Moloney Securities, United Securities Alliance, and WMA Securities. His 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. He holds 24 state licenses. (Information current as of October 19, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. 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.