Goodman & Nekvasil, P.A.
ST. PETERSBURG, FL, UNITED STATES, May 23, 2025 /EINPresswire.com/ -- Goodman & Nekvasil, P.A., announces they have won a FINRA arbitration award against Lifemark Securities Corp. on behalf of a Herkimer, NY optometrist and his wife. Amir
Minasazi and Shahla Minasazi alleged that David K. Griffith, then the manager of the Utica, NY branch office of Lifemark, recommended that they invest in GWG L-bonds, that this high-risk, illiquid investment was unsuitable for them, and that the risks of this investment, including its dismal financial performance, were not disclosed to them.The evidence at the arbitration hearing showed that GWG Holdings, Inc. reported losses of more than $133M in 2017 and 2018, and that these reported losses were publicly available to Lifemark well before the Minasazis’ investments in 2020. The evidence at the hearing further showed that The Beneficent Company Group, L.P., which announced a business combination with GWG in January 2018, lost $329M in 2018 and 2019. The Minasazis alleged that Lifemark never should have sold the GWG L-bond investment to them.
After a week-long hearing on May 12 - 16, 2025, an Albany, New York, arbitration panel agreed with the Minasazis. The panel awarded the Minasazis their out-of-pocket losses and legal interest totaling $87,868. The panel also awarded these GWG L-bond investors their hearing costs of $19,701.92 and $26,265.39 in attorney’s fees, for a total arbitration award of $133,835.31.
“This award shows that brokerage firms must thoroughly research the investments that they recommend to the public, particularly high-risk, illiquid investments,” said Kalju Nekvasil, Esq., of Goodman & Nekvasil, P.A. According to Nekvasil, “Brokerage firms cannot shift their suitability obligation to their clients by having their clients sign risk disclosure documents which state that they could lose their entire investment.”
Important Contact Information
Attorney for Claimant
Kalju Nekvasil, Esq.
Goodman & Nekvasil, P.A.
624 1st Ave. S.
Saint Petersburg, FL 33701
727-524-8486
727-524-8786 (fax)
email address: gnmain@gnfirm.com
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