Adrian Escarcega: Did Ex-Advisory Group Broker Recommend L Bonds?

At least one current or former customer of former Advisory Group Equity Services advisor Adrian Escarcega (CRD# 6525236) is listed as a creditor for investments in GWG Holdings L bonds, according to public records. Filed with a US bankruptcy court in Texas, these records describe investments totaling $85,000. Financial Industry Regulatory Authority show that Mr. Escarcega was last based in Woburn, Massachusetts.

Investments in GWG L bonds may have been unsuitable for inexperienced and/or conservative investors, such as retirees with limited income. As background, L bonds are life settlement-backed debentures issued by GWG Holdings, a financial services firm based in Dallas. The company reportedly raised more than $1 billion from investors in these products, then experienced financial difficulties and suspended the offering. In 2022 it filed for bankruptcy while under scrutiny by the SEC, which later issued fraud charges against broker-dealer Western International Securities and several of its representatives in connection with their sales of the products. Investors should be aware that FINRA Rule 2111 requires brokers to recommend investments that are suitable for their customers, and that brokers who recommend unsuitable investments may be liable for damages. More information about GWG L bonds is available via our investor resource.

According to the Financial Industry Regulatory Authority, Adrian Escarcega holds one year of securities industry experience. He was most recently registered as a broker with Advisory Group Equity Services in Woburn, Massachusetts from 2017 until 2018. He was previously registered with Source Capital Group in Westport, Connecticut in 2017. 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 Securities Agent State Law Examination, or Series 63. He is not licensed with any US state. (Information current as of June 19, 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.