Did You Buy GWG L Bonds From Marc Korsch and Others?


Naples, FL., — Vernon Litigation Group, based in Naples, Florida is representing investors with holdings in GWG L Bonds sold by former financial advisor Marc Korsch and others. Mr. Korsch was recently barred by FINRA for failing to cooperate with its investigation into his sales practices. Mr. Korsch has 29 disclosures on FINRA Brokercheck CRD. Unfortunately, he is only one of many financial advisors who have sold GWG L Bonds.

GWG issued more than $13 Billion dollars in high yield L bonds sold through 145 independent broker-dealers. In January, GWG announced that it was pausing income payments to bond holders and freezing redemptions. In April, GWG Holdings filed for bankruptcy protection leaving its bondholders with little hope.

NASD Notice to Members 04-30 governs the sale of bonds and bond funds such as GWG’s L Bonds. FINRA members are obligated to conduct the following steps when selling such bonds to investors:

Understanding the terms, conditions, risks, and rewards of bonds and bond funds they sell (performing a reasonable-basis suitability analysis);

Making certain that a particular bond or bond fund is appropriate for a particular customer before recommending it to that customer (performing a customer-specific suitability analysis);

Providing a balanced disclosure of the risks, costs, and rewards associated with a particular bond or bond fund, especially when selling to retail investors;

Adequately training and supervising employees who sell bonds and bond funds;

Our clients have suffered significant damages as a result of sales deficiencies laid out in NTM 04-30. Had our clients been provided balanced disclosures by Mr. Korsch and his broker-dealers, the investments into GWG’s L Bonds could have been avoided. If you or one of your loved ones was sold GWG L Bonds by Mr. Korsch or another financial advisor, you may be entitled to a financial recovery. One of our securities attorneys will happily provide you with a free overview of any potential claims you may have.

Call our firm today at (239) 319-4434 to discuss your case with a legal professional who has your best interests at heart.