Alternative Investment

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:

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.

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 Bradley Goodbred in Firm LPL Financial LLC

December 12, 2025 | by Staff Attorney

Previously financial advisor Bradley Goodbred (Goodbred), 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 $1,613,981.30 on January 06, 2022.

Customer alleges that representative caused her to execute a document appointing representative as her power of attorney, and that representative allegedly induced customer to invest in a fraudulent, unregistered security. Activity period 2009 to 2020.

There are Recent Customer Complaints with Broker Shad Ketcher in Firm Wealth Enhancement Brokerage Services, LLC

December 12, 2025 | by Staff Attorney

Currently financial advisor Shad Ketcher (Ketcher), currently employed by brokerage firm Wealth Enhancement Brokerage Services, 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 $100,001.00 on January 06, 2022.

Clients alleges two non-traded REITs purchased were unsuitable.

Broker Vincent Mastrovito in J.w. Cole Financial, INC. Firm Has Customer Complaint

December 10, 2025 | by Staff Attorney

Previously financial advisor Vincent Mastrovito (Mastrovito), previously employed by brokerage firm J.w. Cole Financial, INC. has been subject to at least 2 disclosable events. These events include 2 customer complaints. 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 award / judgment customer complaint with a damage request of $1,048,281.95 on January 24, 2022.

Client alleged REITs and insurance policy were unsuitable

There are Recent Customer Complaints with Broker Barbara Ralston in Firm Kovack Securities INC.

December 9, 2025 | by Staff Attorney

Currently financial advisor Barbara Ralston (Ralston), currently employed by brokerage firm Kovack Securities 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 $35,000.00 on January 31, 2022.

Claimant expressed his dissatisfaction related to REIT purchase made approximately seven years ago by a Representative supervised by Ms. Ralston. Arbitration filed claims unsuitability and misrepresentation regarding the REITs.

There are Recent Customer Complaints with Broker Scott Brannan in Firm Berthel, Fisher & Company Financial Services, INC.

December 8, 2025 | by Staff Attorney

Currently financial advisor Scott Brannan (Brannan), currently employed by brokerage firm Berthel, Fisher & Company Financial Services, 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 $100,001.00 on February 15, 2022.

Client is unhappy with purchases of non-traded REITS purchased in 2014 to 2015. The clients have filed for arbitration and allege in 2014 and 2015 the representative improperly recommended the clients invest in a high commission illiquid alternative investment which they allege was misrepresented to them by the representative and was unsuitable for their financial situation, risk tolerance and investment objectives. The clients further allege the firm failed to conduct adequate due diligence and failed to supervise the activities of the representative.

There are Recent Customer Complaints with Broker Kennister Daley in Firm Allstate Financial Services, LLC

December 7, 2025 | by Staff Attorney

Currently financial advisor Kennister Daley (Daley), currently employed by brokerage firm Allstate Financial Services, 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 $100,001.00 on February 22, 2022.

SOC Alleges unsuitability, fraud in offer or sale of securities, misrepresentations and omissions of material facts, breach of contract, common law fraud, breach of fiduciary duty and negligence as it relates to the purchase of a non-traded REIT.

When Clemency Undercuts Justice: What the Gentile Release Means for Investors

December 1, 2025 | by Staff Attorney

On December 1, 2025, the IBTimes published a story covering the controversial commutation of David Gentile, the convicted leader of the massive purported Ponzi scheme spun out of GPB Capital. Gentile had defrauded thousands of investors—raising roughly $1.6 billion on false promises of reliable returns. He began serving a seven-year sentence just two weeks before the commutation granted by Donald Trump released him after only 12 days.

IBTimes quoted me in reaction to the commutation. I said:

“The stories we have heard are heartbreaking. It is simply unbelievable that someone responsible for such widespread investor harm could receive a commutation. This was never about politics. This man belongs in prison.”