Have GWG L Bond Losses With Gary Benson (NPB Financial Group)?

Gary Benson (CRD# 1182211) is a financial advisor based in Encino, California, with a lengthy career in the industry that spans over 41 years. Despite a successful career as a financial advisor, Benson’s track record is marred with investor complaints and lawsuits.

Haselkorn and Thibaut has opened an investigation into Mr. Benson. We specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. We have over 50 years of experience and a 98% success rate.  Call us now for a free consultation at 1-800-856-3352. No Recovery, no fee.

Past Affiliations

Benson, previously associated with NPB Financial Group LLC, is currently affiliated with Independent Financial Group. He also has a professional history with Pash & Benson International Ltd.

Complaints and Allegations Against Benson

Throughout his career, Benson has allegedly faced numerous investor complaints. Some of the allegations include recommending unsuitable investments, making unauthorized trades, providing inaccurate information, and breaching fiduciary duty.

The most recent complaint against Benson was filed in October 2022, accusing him of recommending an unsuitable GWG L bond. However, Benson disputed the claim, stating it is meritless and that the investment was in line with the client’s objectives.

In another instance, Benson faced an investor dispute where the client sought $200,000 in damages for alleged unsuitable investment recommendations. An earlier dispute involved inaccurate income figures, resulting in a settlement of $142,500.

Settlements and Disclosures

As a result of these investor complaints, Benson has been involved in numerous settlements. They ranged from $30,000 to $225,000. Moreover, Benson has one disclosure filing in his record.

Here are the disclosures found in Mr. Benson BrokerCheck Record:

  1. Customer Dispute – Settled
    • Reporting Source: Broker
    • Employing firm when activities occurred which led to the complaint: NPB FINANCIAL GROUP, LLC
    • Allegations: Inaccurate minimum income figures were provided to the client on one of the annuities purchased. The combined total minimum income benefits on all annuities are higher than amounts originally presented. The combined total amount the client invested in all annuities is much higher in value. The client is not financially harmed.
    • Product Type: Annuity-Variable
    • Alleged Damages: $5,500.00
    • Date Complaint Received: 04/13/2022
    • Complaint Pending: No
  2. Customer Dispute – Closed-No Action / Withdrawn / Dismissed / Denied
    • Reporting Source: Broker
    • Employing firm when activities occurred which led to the complaint: NPB Financial Group, LLC
    • Allegations: Unauthorized and Unsuitable Trading.
    • Product Type: Mutual Fund
    • Alleged Damages: $0.00
    • Date Complaint Received: 08/22/2017
    • Complaint Pending: No
    • Status: Closed/No Action
    • Status Date: 08/28/2018
  3. Customer Dispute – Pending
    • Reporting Source: Broker
    • Employing firm when activities occurred which led to the complaint: NPB FINANCIAL GROUP, LLC
    • Allegations: Claimant alleges product was not suitable
    • Product Type: Other: Alternative Product (L Bond)
    • Alleged Damages: $200,000.00
    • Date Complaint Received: 10/13/2022
    • Complaint Pending: Yes
    • Arbitration/Reparation forum or court name and location: FINRA
    • Docket/Case #: 22-02313
    • Filing date of arbitration/CFTC reparation or civil litigation: 10/13/2022

Please note that these are just the disclosures that were found in the document. There may be more details in the document that were not included in these summaries.

NPB Financial Group, LLC

Benson’s former association with NPB Financial Group LLC, a California-based dually-registered investment adviser and broker-dealer, is noteworthy. The Securities and Exchange Commission (SEC) has found that NPB failed to disclose its mutual fund share class selection practices and receipt of 12b-1 fees to clients.

Consequently, the SEC ordered NPB to agree to a cease-and-desist order, disgorgement of $532,519, prejudgment interest of $92,668, a civil penalty of $425,000, distribution of funds to harmed clients, undertakings, and the retention of an independent compliance consultant.


Investors must perform due diligence before associating with any financial advisor or investment firm. While Gary Benson has a long-standing career in the industry, the numerous complaints and settlements highlight the importance of transparency and trust in the advisor-investor relationship.

If you believe you have suffered investment losses due to unsuitable investment recommendations or other misconduct, you should consider contacting a law firm specializing in investment fraud such as Haselkorn & Thibaut, which has a track record of recovering millions of dollars for injured investors.

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