SSEK Law Firm Represents Retiree in Kansas City GWG L Bond Claim Against Titan Securities and Rodger Sprouse of Sprouse Financial in Lee's Summit, MO

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Jun 02, 2022, 06:00 ET

KANSAS CITY, Mo., June 2, 2022 /PRNewswire/ -- A retired Missouri worker has filed a six-figure FINRA arbitration claim against Titan Securities and its broker Rodger Sprouse in Lee's Summit over losses sustained in GWG L Bonds. The claimant, who is on disability and was forced to stop working after an injury on the job, is an inexperienced investor who contends that Titan Securities and Sprouse allegedly unsuitably recommended these illiquid, speculative junk bonds without fully informing him about the risks. Sprouse is also the owner of Sprouse Financial in Lee's Summit.

In April 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy. GWG had issued $1.6B of life settlement-backed bonds to investors. The move for bankruptcy protection comes in the wake of defaulting on the many millions of dollars it owes L Bond investors, a slew of regulatory issues, and other problems.

Retiree, Who Is On Disability, Was an Inexperienced Investor Who Needed Safe Investments

This claimant heard about Titan Securities and Sprouse while listening to a radio program. During an in-person meeting with the Titan Securities broker, the retiree was very clear about being an inexperienced investor who was not rich, needed safe investments, and would be entrusting most of his liquid assets to the broker-dealer.

Instead of investing this retired worker in safe investments, Titan Securities and Sprouse allegedly unsuitably recommended the high commission GWG L Bonds and other non-liquid products. Further, Sprouse allegedly made these investment recommendations in concentrations that were far from appropriate or suitable for this claimant.

Now, in his FINRA arbitration claim, this Kansas City investor is alleging unsuitability, concentration, misrepresentations and omissions, failure to supervise, negligence, and grossly negligent behavior.

Seasoned GWG L Bond Attorneys

Our knowledgeable GWG L Bond investment lawyers are representing a number of investors whose brokers and financial firms, including Titan Securities, Center Street Securities, NI Advisors, and Centaurus Financial, unsuitably recommended these high-yield bonds to customers. Some 145 regional brokerage firms partnered with Emerson Equity to sell L Bonds to investors, and we are going after all of them.

SSEK Law Firm works with investors throughout the US and would be happy to help you explore your options during a free, no obligation case assessment. To speak with one of our skilled L Bond attorneys, call (800) 259-9010 today.

Media Contact:
Mathew Brown-Watson
[email protected]

SOURCE Shepherd Smith Edwards & Kantas LLP