Richard Belz: RF Lafferty Advisor Received GWG L Bond Complaint

Records filed with a US bankruptcy court disclose that at least seven current or former customers of RF Lafferty & Company advisor Richard Belz (CRD# 1140219) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock. The records describe investments of more than $500,000. Records published by the Financial Industry Regulatory Authority show that Mr. Belz is currently based in New York City.

Mr. Belz’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2022, alleged that as a representative of RF Lafferty & Company, he made misrepresentations and unsuitable recommendations in connection with the purchase of two GWG bonds issued in August 2019. (More information about GWG L bonds, which may have been unsuitable for some investors, is available here.) The complaint reached a settlement of $40,000.

A second investor complaint, filed in 2012, alleged that while he was the customer’s representative at Newport Coast Securities, the account’s investments performed poorly. In 2013 the complaint reached a settlement of $5,000.

A third investor complaint, filed in 2009, alleged that unsuitable investment recommendations and churning while he was at Basic Investors. The complaint reached a settlement of $20,000.

A fourth investor complaint, filed in 2008, alleged that he was the control person at Basic Investors, where another representative churned the customer’s account. In 2010 the complaint reached a settlement of $14,250.

According to the Financial Industry Regulatory Authority, Richard Belz holds 38 years of securities industry experience. Based in New York, New York, he has been a broker and an investment advisor with RF Lafferty & Company since 2016. His past registrations include WestPark Capital (Los Angeles, California; 2016), Newport Coast Securities (New York, New York; 2011-2016), Regal Securities (Glenview, Illinois; 2008-2009), Basic Investors (Melville, New York; 2000-2008), Institutional Equity Corporation (Dallas, Texas; 1988-2000), RTG Richards & Company (Garden City, New York; 1993-1995), Madison Chapin Associates (1987-1988), and Douglas Bremen & Company (1983-1987). His credentials include the passage of seven securities industry qualifying exams: the Registered Options Principal Examination, or Series 4; the General Securities Principal Examination, or Series 24; the Financial and Operations Principal Examination, or Series 27; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Operations Professional Examination, or Series 99TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Delaware, Florida, Georgia, Hawaii, Kentucky, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia. (Information current as of May 31, 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.