Bart Cutino: Did Central Coast Advisor Recommend GWG L Bonds?

Records filed with a US bankruptcy court indicate that at least seven current or former clients of Central Coast Financial advisor Bart Cutino (CRD# 1140219) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock. The records disclose investments of $800,000. Records published by the Financial Industry Regulatory Authority and the Securities and Exchange Commission show that the former Centaurus Financial representative is currently based in Monterey, California.

According to a 2022 report by the Wall Street Journal, GWG L bonds were life insurance-backed corporate bonds issued by GWG Holdings, an alternative assets firm based in Dallas, Texas. The bonds reportedly raised more than $1 billion from investors, including many retail investors, whom they were intended to repay when the policy owners’ passed away. The company experienced various financial difficulties and eventually filed for Chapter 11 bankruptcy, disclosing in its filings that it was under investigation by the Securities and Exchange Commission. Financial advisors who recommended risky investments in GWG Holdings to conservative or inexperienced investors be liable for damages. More information about these products is available here.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Bart Cutino holds 15 years of securities industry experience. Based in Monterey, California, he has been an investment advisor with The Partners Wealth Management since January 2021, doing business as Central Coast Financial. His past registrations include Centaurus Financial (Monterey, California; 2013-2021), JP Turner & Company (Monterey, California; 2007-2013), and QA3 Financial (Monterey, California; 2007). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California. (Information current as of June 9, 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.