FINRA Bars Oskkosh Advisor Tony Liddle: GWG L Bond Allegations

The Financial Industry Regulatory Authority recently barred ex-Landolt Securities advisor Tony Liddle (CRD# 5478479). FINRA records show that the former Oshkosh, Wisconsin-based representative was barred in relation to allegations he improperly borrowed almost $2 million from his clients at two member firms. 

According to a Letter of Acceptance, Waiver and Consent (No. 2021071099401) issued by FINRA on June 14, 2022, FINRA initiated an inquiry into Tony Liddle’s activities after learning in May 2022 that he “allegedly borrowed more than $1.8 million from at least 13 of his customers” while a representative of Landolt Securities and Western International Securities. As part of this investigation, it sent him requests on June 2, 2022 to produce documents and information and to provide on-the-record testimony. Mr. Liddle indicated to FINRA via counsel on June 9, 2022, that he would not produce the requested documents or information nor appear for the requested testimony. FINRA’s findings state that this refusal constituted violations of FINRA Rule 8210, which states that persons under FINRA jurisdiction may not fail to provide information or testimony requested under the rule. FINRA barred Mr. Liddle from associating with any FINRA member firm in any capacities.

Mr. Liddle was also sanctioned by Wisconsin securities authorities in May 2022. According to a disclosure on his BrokerCheck report, state officials alleged he violated Wisconsin securities laws by “borrowing money from clients in the amount of $1.8 million” and by providing misleading information to investors regarding L bonds issued by GWG Holdings, specifically failing to inform them that sales of these bonds had been suspended and that “he was not authorized to sell them.” State officials ordered him to cease and desist and indefinitely barred his registration. 

In May 2023 Mr. Liddle resigned from Landolt Securities over alleged misconduct. According to a disclosure on his BrokerCheck report, he was “permitted to resign” in relation to allegations he he “accepted funds intended to invest with GWG and deposited into Prosper Wealth Management account and was in the process of returning the funds.” 

According to the Financial Industry Regulatory Authority, Tony Liddle holds 11 years of securities industry experience. Formerly based in Oshkosh, Wisconsin, he is not registered as a broker or as an investment advisor. His past registrations include Landolt Securities (Oshkosh, Wisconsin; 2020-2022), Western International Securities (Wausau, Wisconsin; 2012-2020), and Eliason Financial Group (St. Germain, Wisconsin; 2008-2010). His credentials include the passage of five securities industry qualifying exams: the Direct Participation Programs Representative Examination, or Series 22; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is not presently licensed as a broker or an investment advisor. (Information current as of June 24, 2022.)

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