Thomas Schultz: GWG Complaint Against LyfeBeast Advisor

Records filed with a US bankruptcy court indicate that at least 39 current and/or former clients of Titan Securities advisor Thomas Schultz (CRD# 5614228) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock. These records describe investments totaling at least $5.8 million. Records maintained by the Financial Industry Regulatory Authority show that Mr. Schultz is currently based in Scottsdale, Arizona, and does business as LyfeBeast.

Mr. Schultz’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2022, alleges that as a representative of Coastal Equities, he recommended unsuitable investments and failed to perform due diligence on GWG Holdings. (More information about GWG Holdings, which reportedly raised $1.6 billion from investors in its L bonds, filed for Chapter 11 bankruptcy, and is under investigation by the SEC, is available via this resource.) The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in 2011, alleged that as a representative of MML Investors Services, he made unauthorized purchases of securities in the customer’s account. In 2013 the complaint reached a settlement of $5,000.

According to the Financial Industry Regulatory Authority, Thomas Schultz holds nine years of securities industry experience. Based in Scottsdale, Arizona, he has been a broker and an investment advisor with Titan Securities since 2021, doing business as LyfeBeast. His registration history includes Coastal Equities (Scottsdale, Arizona; 2018-2021), Investment Advisors (Scottsdale, Arizona; 2014-2017), ProEquities (Scottsdale, Arizona; 2014-2017), MML investors Services (Scottsdale, Arizona; 2011), ProEquities (Phoenix, Arizona; 2010), and UVest Financial Services Group (2009-2010). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination,  or Series 66. He is currently licensed in Arizona, California, Colorado, the District of Columbia, Florida, Georgia, Idaho, Indiana, Kansas, Michigan, Missouri, New York, Oregon, Pennsylvania, South Dakota, Texas, and Wisconsin. (Information current as of May 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.