Securities Lawyers Blog

Why GWG Bond Investors Must Pay Attention to FINRA’s Latest Suitability Enforcement

December 17, 2025 | by Staff Attorney

FINRA’s Latest Action on GWG L-Bonds Confirms What Investors Have Been Saying for Years

FINRA’s recent enforcement action involving the sale of GWG L-Bonds to elderly investors underscores a systemic problem that has directly harmed thousands of families who were steered into these speculative, illiquid products. The case—where an advisor concentrated an 81-year-old client’s account in GWG bonds—illustrates the same failures we continue to see in our GWG investigations.

As I told InvestmentNews:

Broker David Kim in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Kim (Kim), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Kim recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on December 22, 2021.

The client alleged unauthorized trading in his account in September 2021.

There are Recent Customer Complaints with Broker Rey Descalso in Firm J.w. Cole Financial, INC.

December 14, 2025 | by Staff Attorney

Currently financial advisor Rey Descalso (Descalso), currently employed by brokerage firm J.w. Cole Financial, INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on December 20, 2021.

Client alleges a REIT and BDC purchased were unsuitable.

There are Recent Customer Complaints with Broker Corey Schepper in Firm Ameriprise Financial Services, LLC

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Corey Schepper (Schepper), currently associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Schepper recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $50,000.00 on December 16, 2021.

Claimant alleges financial advisor recommended unsuitable investments

There are Recent Customer Complaints with Broker Maria Germano Alessi in Firm Henley & Company LLC

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Maria Germano Alessi (Germano Alessi), currently associated with Henley & Company LLC, has at least one disclosable event. These events include one customer complaint, alleging that Germano Alessi recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on December 16, 2021.

Customer alleges Firm failed to provide reasonable, adequate and meaningful supervision over Firm’s branch office, allowing its registered representative, to carry out a Ponzi scheme to defraud and misappropriate approximately $1,000,000.00.

Broker Darryl Ferguson in LPL Financial LLC Firm Has Customer Complaint

December 14, 2025 | by Staff Attorney

Previously financial advisor Darryl Ferguson (Ferguson), previously employed by brokerage firm LPL Financial LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on December 22, 2021.

Claimants allege registered representative recommended unsuitable non-traded REIT investments.

There are Recent Customer Complaints with Broker Sean Kemery in Firm J.P. Morgan Securities LLC

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Sean Kemery (Kemery), currently associated with J.P. Morgan Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Kemery recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $8,400.00 on December 22, 2021.

The client alleges an unauthorized trade was placed to fulfill his RMD.

There are Recent Customer Complaints with Broker Kurt Stein in Firm Quint Capital Corporation

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kurt Stein (Stein), previously associated with Quint Capital Corporation, has at least one disclosable event. These events include one customer complaint, alleging that Stein recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $300,000.00 on December 16, 2021.

Attorney for the client alleges unsuitable recommendations.

There are Recent Customer Complaints with Broker Jason Champion in Firm MML Investors Services, LLC

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jason Champion (Champion), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Champion recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 22, 2021.

The complainant alleges that the registered representative allowed his funds to be invested in a high risk fund, with no liquidity, on or about June 2017.

Broker Edward Collins in Kestra Investment Services, LLC Firm Has Customer Complaint

December 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Edward Collins (Collins), currently associated with Kestra Investment Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Collins recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $90,000.00 on December 16, 2021.

Client alleges unsuitable investment recommendations in July 2015 and other causes of action.