Michael Bernier: WIS Advisor’s Client Invested in GWG L Bond

At least one current or former client of Western International Securities advisor Michael Bernier (CRD# 2250502) is listed as creditor for a GWG L bond investment, according to public records filed with a US bankruptcy court. These records disclose an investment of $200,000. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Campbell, California.

GWG Holdings is a Dallas-based financial services company, as explained by an April 2022 article in the Wall Street Journal. That report notes that GWG Holdings is known for its L bond products, “which pooled money from bond investors to purchase life-insurance policies on the secondary market.” These products were reportedly intended to generate profits when the policy owners died. As their prospectus noted, they were risky and speculative investments that posed the risk that investors might lose their entire principal. GWG raised more than $1 billion from investors, according to reports, eventually filing for bankruptcy while under SEC scrutiny. More information on GWG L bonds, and whether they may have been unsuitable investments for your portfolio, is available here.

According to the Financial Industry Regulatory Authority, Michael Bernier holds 30 years of securities industry experience. Based in Campbell, California, he has been a broker and an investment advisor with Western International Securities since 1997 and 1998, respectively. He was previously registered as a broker with InterFirst Capital Corporation in Los Angeles, California from 1992 until 1997. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 licensed in California, Indiana, New York, South Carolina, Utah, Virginia, Washington, and Wisconsin. (Information current as of June 30, 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.