SSEK Law Firm Represents Missouri Couple in FINRA Arbitration Against Center Street Securities Seeking Up to $500K in Damages

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Jun 22, 2022, 09:00 ET

SPRINGFIELD, Mo., June 22, 2022 /PRNewswire/ -- An elderly Missouri couple filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Center Street Securities and its broker Joseph Martin LaTour. LaTour is an investment adviser who operates out of Springfield under the local firm, Latour Asset Management.

Claimants are requesting up to $500K in damages, alleging that Center Street Securities broker LaTour recommended GWG Holdings L Bonds to them even though they sought low-risk, stable investments. The broker-dealer also allegedly recommended other risky non-traded investments, including non-traded or privately traded real estate investment trusts (REITs) and non-traded business development companies (BDCs).

Claimants Suffer Huge Losses Even As Center Street Earned High Commissions

Claimants allege Center Street and LaTour never informed them of the risks involving these life settlement-backed bonds, including the Ponzi-like nature of bond repayments. Moreover, these high-yield bonds are illiquid and speculative and should never have been recommended to a retired couple with a low risk tolerance. Further, Center Street Securities & LaTour allegedly concentrated these claimants in other non-traded alternative investments as well, earning high commissions for selling these unsuitable products.

Supervisory Failures, Misrepresentations, and Unsuitability Alleged

Claimants are accusing Center Street of an "inexcusable" lack of supervision in that LaTour was allegedly self-supervised with no on-site compliance. Now, these investors are alleging unsuitability, failure to supervise, misrepresentations and omissions, as well as negligence.

Center Street appears to have targeted older customers when marketing and selling L Bonds. In another FINRA arbitration claim that SSEK filed, and which also allegedly involves LaTour, the claimants are another retired couple from Missouri seeking up to $500K damages. A separate $500K claim we submitted against Center Street was filed on behalf of a Tennessee couple as well.

GWG Files for Chapter 11 Bankruptcy Protection

In April 2022, GWG Holdings, Inc. filed for Chapter 11 Bankruptcy protection. The alternative asset firm remains under investigation by the Securities and Exchange Commission and in May 2022, NASDAQ announced it was delisting GWG's common stock.

SSEK Law Firm Partner and GWG L Bond Attorney Kirk Smith:
https://link.edgepilot.com/s/d2de7ea9/vH7--Kb1EEeoZntZjJVOzA?u=https://youtu.be/C60eYZFRjmY
Visit GWG Holdings, Inc. to learn more.

To schedule your free case evaluation, call SSEK Law Firm at (866) 901-4162.

SOURCE Shepherd Smith Edwards & Kantas LLP