Gerry Siegel: GWG Creditors Include Aegis Advisor’s Clients

Records filed with a US bankruptcy court show that at least four current or former clients of Aegis Capital advisor Gerry Siegel (CRD# 418229) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock. The records describe investments totaling more than $500,000. Financial Industry Regulatory Authority records show that Mr. Siegel is based in Sarasota, Florida and does business as American Legacy Wealth Management.

According to an April 2022 report by the Wall Street Journal, GWG L bonds are an investment product, issued by Dallas-based alternative asset company, that “pooled money from bond investors to purchase life-insurance policies on the secondary market.” The firm reportedly raised $1.6 billion from investors, including many retail investors, before later experiencing financial difficulties and eventually filing for Chapter 11 bankruptcy while under SEC scrutiny. If your financial advisor recommended investments in GWG Holdings that were not suitable for your investment profile, you may be eligible to file an arbitration claim to recover damages.

According to Financial Industry Regulatory Authority, Gerry Siegel holds 53 years of securities industry experience. Based in Sarasota, Florida, he has been a broker and an investment advisor with Aegis Capital Corporation since 2015, doing business as American Legacy Wealth Management. His past registrations include JHS Capital Advisors (Sarasota, Florida; 2010-2015), Vioni Capital Management (Sarasota, Florida; 2009-2010), Ancora Securities (Sarasota, Florida; 2009-2010), Citigroup Global Markets (Sarasota, Florida; 1993-2008), Lehman Brothers (New York, New York; 1990-1993), Painewebber (Weehawken, New Jersey; 1983-1990), EF Hutton & Company (1977-1984), and Merrill Lynch (1968-1977). His credentials include the passage of six securities industry qualifying exams: the Registered Representative Examination, or Series 1; the General Securities Principal Examination, or Series 000; the AMEX Put and Call Exam, or PC; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Connecticut, Florida, Indiana, Massachusetts, New York, Ohio, Pennsylvania, Tennessee, Virginia, and Wisconsin. (Information current as of June 1, 2023.)

Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.