Scot Barringer: American Trust Advisor Fined over GWG L Bond Sales

San Clemente, California financial advisor Scot Barringer (CRD# 1385168) was recently sanctioned in connection with sales of GWG L Bonds. Financial Industry Regulatory Authority records show  that he is registered as a broker with American Trust Investment Services and an investment advisor with Chicago Capital Management Advisors.

A Letter of Acceptance, Waiver, and Consent (No. 2020068655903) describes FINRA’s disciplinary action against Mr. Barringer. Filed in April 2025, it alleges that he recommended four customers invest in GWG L bonds without a reasonable basis to make such recommendations in light of the customers’ investment profiles. “As a result, the customers were overconcentrated in GWG L Bonds, either alone or in combination with other alternative investments,” the letter states further. “In addition, Barringer inaccurately completed transaction forms that he submitted in connection with eight customers’ purchases of GWG L Bonds, by incorrectly stating the percentage of the customers’ net worth that would be invested in these securities.” As a result, he allegedly also caused his member firm to maintain inaccurate books and records. FINRA issued him a three-month suspension from associating with any member firm in any capacity. It also ordered him to pay a fine of $5,000.

Mr. Barringer’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in September 2024, alleged that as a WestPark Capital representative, he recommended unsuitable investments in GWG L bonds. The complaint reached a settlement of $60,000.

An earlier investor complaint, filed in 2022, similarly alleged that he recommended unsuitable GWG L bonds and misrepresented the products. In 2024 the complaint reached a settlement of $24,999.

A third investor complaint, also filed in 2022, alleged that as a WestPark Capital representative, he misrepresented and omitted material facts regarding an investment in GWG L bonds. The complaint reached a settlement of $14,999.

According to the Financial Industry Regulatory Authority, Scot Barringer holds 39 years of securities industry experience. Based in San Clemente, California, he has been a broker with American Trust Financial Services and an investment advisor with Chicago Capital Management Advisors since 2020. His past registrations include WestPark Capital, Applied Wealth Management, Newport Coast Securities, and Securities America. He holds 24 state licenses. (Information current as of April 24, 2025.)

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