Todd Kalish: GWG Complaint Against Park Edge Advisor

Cleveland financial advisor Todd Kalish (CRD# 2865875) recently received an investor complaint alleging he recommended an unsuitable GWG L bond. At least 15 current or former clients of Park Edge Group, an entity described in FINRA records as the LLC Mr. Kalish used to receive funds for his advisory business, are listed as creditors for investments in GWG Holdings, according to public records. Filed with a US bankruptcy court, these records describe investments exceeding $7.8 million. Securities and Exchange Commission records show that Mr. Kalish is currently a representative of Park Edge Advisors.

Mr. Kalish’s BrokerCheck report discloses one investor complaint. Filed in February 2023, it alleged that as a representative of McDonald Partners, he misrepresented and omitted material facts related to an unsuitable investment in GWG L bonds. In May 2023 the complaint reached a settlement of $35,000.

In a statement included with the complaint’s disclosure, Mr. Kalish defended himself against the claim. “The Firm elected to settle the disputes claims with the claimant to avoid the costs and risks associated with further litigating the case,” he wrote. “I did not personally contribute to the settlement nor was I asked to do so.”

FINRA sanctioned Mr. Kalish in June 2022, according to a second disclosure on his BrokerCheck report. The sanction concerned allegations that he “failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.” In connection with these findings, he was suspended on August 4, 2022 from associating with any FINRA member firm. The suspension lifted on August 12, 2022.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Todd Kalish holds 26 years of securities industry experience. Based in Cleveland, Ohio, he has been an investment advisor with Park Edge Advisors since July 2022. His past registrations include McDonald Parters, Morgan Stanley, Citigroup Global Markets, Legg Mason Wood Walker, and Prudential Securities. He previously operated as an advisor with Park Edge Group. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Ohio. (Information current as of June 12, 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.