What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: December 16, 2016

Stoltmann Law Offices is investigating GPS Capital Management. Allegedly, investment advisors Daniel Wu and Dennis Lin Chen at the firm recommended Aequitas Notes (ACF), private promissory note investments to at least one elderly customer, who is now deceased. The notes were purchasing loans made to Corinthian College students. In 2014, the federal government filed a suit against Corinthian Colleges, and the advisors failed to mention the suit to the investor before making the purchase of the notes. The litigation with the college significantly decreased the possibility to collect on the loans it was purchasing with the funds raised from investors. This also likely made the ACF notes unsuitable for any investor after September 2014 when the litigation was filed. Aequitas then suspended interest payments and redemptions on all of its investment products including the ACF Notes in January of this year. The Securities and Exchange Commission (SEC) then filed a complaint against Aequitas and its entities and officers in March 2016. These notes were not suitable for investors, especially elderly ones, and the brokers and GPS had a duty to only recommend suitable investments. Because they did not, GPS Capital Management can be held liable for investment losses and can be sued to recover those losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Please call today for your free consultation concerning GPS and its sale of ACF Notes. The call is free.

According to Daniel Wu’s Investment Advisor Public Disclosure, he is currently registered with Pair Lending in San Francisco, California, Onvest LLC in San Francisco, and PG Global Wealth Management in San Ramon, California and has been since November 2016. He has two customer disputes against him. Dennis Lin Chen is currently registered with FPS Capital Management in San Ramone, California and has been since November 2005. He was previously registered with Charles Schwab in Milpitas, California from December 1997 until October 2005. He has three customer disputes against him.


The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltmann Law Securities Investment Fraud Attorneys