What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: September 15, 2016

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Altwerger was accused of making 10 electronic fund transfers from his personal bank account to his personal brokerage account knowing that he had insufficient funds to cover the transfers. This is against securities rules and regulations, and Altwerger was terminated from his brokerage firm, Morgan Stanley, because of it. FINRA suspended him for three months and fined him $5,000. Altwereger was registered with Pruco Securities in Troy, Michigan from May 2008 until December 2009 and Morgan Stanley in Troy from January 2010 until January 2016. He is currently registered with Waddell & Reed in Birmingham, Michigan and has been since January 2016.

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