On August 25, 2014, the Financial Industry Regulatory Authority (FINRA) filed an enforcement action against Center Street Securities broker David Joseph Escarcega in connection with the sale of more than $1.8 million of GWG Renewable Secured Debentures.
In the complaint, FINRA alleges:
- GWG Debentures are an illiquid and high risk alternative investment
- Escarcega made false and misleading oral and written statements to 7 customers in connection with their purchase of the Debentures
- Escarcega made unsuitable recommendations to purchase the Debentures to 12 customers
- Escarcega’s recommendation to purchase the speculative and risky Debentures were inconsistent with his elderly and retired customers’ investment objectives
If you purchased GWG Debentures from Center Street Securities or any other broker dealer you may be able to recover damages. Call to speak with an experienced securities attorney.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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