Zamansky LLC is investigating potential legal claims on behalf of investors who purchased L Bonds of GWG Holdings Inc. (GWGH), through Tony Barouti of Barouti Financial. Barouti Financial has offices in Irvine, Glendale, Woodland Hills, Los Angeles and San Diego, California, and offers retirement, wealth management and investment planning advice and services.
Tony Barouti is a well-known radio personality on financial issues on local Iranian-language radio station, KIRN. Mr. Barouti allegedly advertised L Bonds as safe and secure bonds which paid 5% interest that were suitable and appropriate for retirees and other conservative investors. In truth, L Bonds were speculative investments due to the distressed financial condition of the issuer, GWGH.
On January 15, 2022, GWGH defaulted on its interest payments of L Bonds. These L Bonds were not suitable for conservative or even moderate investors, and totally inappropriate for retirees. Mr. Barouti had a duty to make sure that any investor knew the risks associated with the L Bonds. Recently, GWGH ceased issuing new L Bonds which it relied upon to meet the obligations of its outstanding bonds, the company defaulted on interest payments and had issued a “going concern” warning to investors.
The investigation concerns alleged securities fraud, investment fraud, misrepresentation, breach of fiduciary duty and other sales violations towards L Bond holders. Mr. Barouti is a representative of Emerson Equity LLC, the lead broker-dealer and underwriter of L Bonds, and had a strong financial incentive to sell L Bonds.
If you purchased L Bonds through Tony Barouti and Barouti Financial, you should contact Jake Zamansky at 212 742-1414, or by email at jake@zamansky.com, for a free evaluation of whether you were the victim of possible securities fraud, investment fraud, misrepresentation, breach of fiduciary duty and other sales violations.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm with experience handling securities, hedge fund, ERISA and other shareholder class action and derivative litigation. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
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Contacts
Zamansky LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky
212-742-1414
jake@zamansky.com
