In the world of finance, trust is paramount. Investors entrust their hard-earned money to financial advisors, expecting them to act in their best interest. However, when this trust is breached, the consequences can be devastating. One such case involves Justin Singletary (CRD# 6325695), a broker formerly registered with Westpark Capital.
Allegations Against Singletary
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Singletary has been named in a pending arbitration involving GWG L Bonds, according to his BrokerCheck record accessed on November 5, 2022. The arbitration alleges that GWG L Bonds were misrepresented to the client and were not suitable for the client’s investment objectives. This raises serious concerns about his conduct as a broker and the suitability of his investment recommendations.
The BrokerCheck contains several disclosures about Justin Singletary. Here are the key points:
- All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings. (Page 8)
- Certain thresholds must be met before an event is reported to CRD, for example:
- A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event.
- A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the industry and that the activity resulted in damages of at least $5,000. (Page 8)
- Disclosure events in BrokerCheck reports come from different sources: brokers, brokerage firms, and regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event will appear in the BrokerCheck report. (Page 8)
- There are different statuses and dispositions for disclosure events:
- A disclosure event may have a status of pending, on appeal, or final.
- A final event generally has a disposition of adjudicated, settled, or otherwise resolved. (Page 8)
- The specific disclosure event involving this broker is a customer dispute that is currently pending. The arbitration alleges that GWG L Bonds were misrepresented to the client and were not suitable for the client’s investment objectives. The product type involved is an alternative investment – GWG L Bonds. The alleged damages amount is not specified but is determined to be greater than $5,000. (Page 9)
- The broker was previously registered with the following securities firms: WESTPARK CAPITAL, INC. (01/2017 – 09/2020) and TRANSAMERICA FINANCIAL ADVISORS, INC (05/2016 – 12/2016). (Page 2)
Please note that these are allegations and have not been proven or formally adjudicated. In the end, the matter may be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement with no admission or finding of wrongdoing.
The Importance of Investor Vigilance
This case underscores the importance of investor vigilance. Investors must ensure that their financial advisors act in their best interest and that the investments they recommend align with their financial goals and risk tolerance. They should not hesitate to seek legal help if they suspect any misconduct.
Writing a Complaint
If you or a loved one have suffered investment losses due to unsuitable investments, writing an effective complaint is crucial. Start by identifying your specific complaint and outlining the actions you have already taken to resolve it. Then, express your expectations about how the company should address the issue.
Haselkorn & Thibaut: Fighting for Investors
Haselkorn & Thibaut, a leading investment fraud law firm, specializes in fighting for investors nationwide. With over 50 years of experience, our lawyers have recovered millions for investors. If you have suffered investment losses, don’t hesitate to reach out to Haselkorn & Thibaut for a free consultation at 1-800-856-3352. Remember, there’s no recovery, no fee.
In conclusion, the case of Justin Singletary serves as a stark reminder of the potential pitfalls in the investment world. It underscores the importance of investor vigilance and the crucial role of law firms in helping investors recover their losses. If you have been a victim of unsuitable investments, don’t hesitate to seek legal help.