Phil Goldstein: GWG Complaints Against Vere, 1st Financial Advisor

Clark’s Summit, Pennsylvania financial advisor Phil Goldstein (CRD# 1031460) is involved in recent investor complaints alleging misconduct relating to sales of GWG L bonds. Records provided by the Financial Industry Regulatory Authority and the Securities and Exchange Commission indicate that the former broker is currently an investment advisor with 1st Financial Investment and Vere Wealth Management.

Mr. Goldstein’s BrokerCheck report discloses more than a dozen investor complaints. The most recent, filed in December 2022, alleges breach of fiduciary duty, breach of contract, negligence and professional negligence, supervisory failures, and violations of state and federal rules and regulations connected to an investment in GWG L bonds. The pending complaint alleges damages of $20,000. In a statement included with the disclosure, Mr. Goldstein states that neither himself nor any of the RIA firms with which he is affiliated with were named as respondents in the complaint.

A second investor complaint, filed in November 2022, alleges violations of securities industry rules and regulations, violations of Pennsylvania securities law, breach of fiduciary duty, common law fraud, negligence, and breach of contract relating to an investment in GWG L bonds. The pending complaint alleges damages of $288,280.

In a statement included with the disclosure, Mr. Goldstein comments in part: “This arbitration lawsuit is against another advisor in my firm and that advisor’s broker/ dealer. I am not, nor was ever affiliated with that broker / dealer. In addition, I am not a respondent to the lawsuit, however my name was listed in the merits of the complaint as being involved in the sale of GWG L Bonds for which the majority complaint is about.”

A third investor complaint, filed in June 2022, alleges breach of fiduciary duty, breach of contract, negligence, violations of state securities law and industry rules, and fraud connected with an investment in GWG L bonds. The pending complaint alleges damages of $129,209.82. “This arbitration lawsuit is of no merit,” Mr. Goldstein states in a comment on the disclosure.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Phil Goldstein holds 38 years of securities industry experience. Based in Clark’s Summit, Pennsylvania, he has been an investment advisor with 1st Financial Investment and Vere Wealth Management since 2016. His registration history includes Kalos Capital (Clark’s Summit, Pennsylvania; 2011-2014), WFG Advisors (Clark’s Summit, Pennsylvania; 2011), Berthel Fisher & Company Financial Services (Clark’s Summit, Pennsylvania; 2004-2011), MidSouth Capital (Atlanta, Georgia; 2002-2004), First Montauk Securities Corporation (Red Bank, New Jersey; 1995-2002), Merrill Lynch (New York, New York; 1993-1995), and Prudential Securities Corporation (New York, New York; 1982-1993). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Interest Rate Options Examination, or Series 5; the Foreign Currency Options Examination, or Series 15; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in Pennsylvania. (Information current as of January 13, 2023.)

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