Cape Securities Advisor Wai Procter: Clients Listed as GWG Creditors

At least two current or former clients of former Cape Securities advisor Wai Procter (CRD# 2042244) are listed as creditors for investments in GWG L bonds, according to records filed with a US bankruptcy court. These records disclosed investments totaling $400,000. Financial Industry Regulatory Authority records show that Procter was previously registered in McDonough, Georgia.

Investors should be aware that GWG L bonds, a product issued by Dallas-based asset management firm GWG Holdings, may have been unsuitable products for those with limited investment experience and/or low tolerances for risk. These products were life settlement-backed bonds issued by a company that filed for bankruptcy in April 2022 amidst regulatory scrutiny. As the Securities and Exchange Commission alleged in June 2022 charges against one broker-dealer firm that sold GWG L bonds, GWG stated that they were “high risk, illiquid, and only suitable for customers with substantial financial resources.” More information about these investments, and whether you may be able to file a claim for damages, is available via this investor resource.

According to the Financial Industry Regulatory Authority, Wai Procter holds 32 years of securities industry experience and was last based in McDonough, Georgia. Past registrations include Cape Securities (McDonough, Georgia; 2009-2022), Aura Financial Services (Birmingham, Alabama; 1998-2009), Sterne Agee & Leach (Birmingham, Alabama; 1998), AG Edwards & Sons (St. Louis, Missouri; 1990-1997), and the Stuart-James Company (Denver, Colorado; 1990). Procter’s credentials include the passage of three securities industry qualifying exams: 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. (Information current as of July 3, 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.