American Equity’s Shane Elsbury: GWG Complaint Seeks $150K

Investor complaints against New Albany, Indiana financial advisor Shane Elsbury (CRD# 5661717) allege the unsuitable sale of investments in GWG L bonds. Financial Industry Regulatory Authority records indicate that he is a broker with American Equity Investment Corporation.

Mr. Elsbury’s BrokerCheck report discloses two investor complaints. The most recent, filed in November 2022, alleges that the sale of a GWG L bond in 2017 was unsuitable and that the product’s risk was not sufficiently conveyed. The pending complaint alleges damages of $150,000.

An earlier investor complaint, filed in August 2022, similarly alleged that the sale of a GWG L bond was unsuitable and that the representative who sold it did not adequately convey its risks. The complaint reached a settlement of $9,000.

In statements included with both complaints’ disclosures, Mr. Elsbury wrote that the sales in questions were made by another firm representative who “did not hold the appropriate license to sell the GWG Bonds” and who contacted Mr. Elsbury to act as the selling agent for them. He added that he should not be associated with the complaints and asserted that he “fully explained the risks associated with the product,” to which the client signed off. More information about GWG L bonds is available here.

According to the Financial Industry Regulatory Authority, Shane Elsbury holds 13 years of securities industry experience. Based in New Albany, Indiana, he has been a broker with American Equity Investment Corporation since 2009. He has no prior registrations. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Compliance Officer Examination, or Series 14; 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 holds licenses in Indiana, Kentucky, Ohio, and Texas. (Information current as of February 15, 2023.)

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