GWG Holdings Inc. L Bond Losses with Barred Former Landolt Securities, Inc. Broker Anthony Liddle

GWG Holdings Inc.

Erez Law is currently investigating former Landolt Securities, Inc. broker Anthony Liddle (CRD# 5478479), who was recently barred related to GWG Holdings Inc. L Bond investment losses. He was registered with Landolt Securities, Inc. in Oshkosh, Wisconsin, from 2020 to 2022, when he was terminated regarding “Tony accepted funds intended to invest with GWG and deposited into Prosper Wealth Management account and was in the process of returning the funds.” Previously, he was registered with Western International Securities, Inc. in Wausau, Wisconsin, from 2012 to 2020.

In May 2022, the Wisconsin Department of Financial Institutions opened an investigation regarding a complaint letter that was submitted. 

In June 2022, the state of Wisconsin barred him after it was found that he engaged in “dishonest or unethical practices in the securities business, borrowing money from clients in the amount of $1.8 million, and omitting to state material facts necessary in order to make the statements made not misleading including the failure to inform investors that GWG Holdings had suspended L bond sales and that he was not authorized to sell them.”

In June 2022, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to produce information and documents and to appear for on-the-record testimony requested by FINRA in connection with its investigation into allegations that Liddle borrowed more than $1.8 million from at least 13 of his customers while he was associated with two member firms.”

In January 2013, the Securities and Exchange Commission (SEC) charged him with defrauding at least 13 investment advisory clients of approximately $1.9 million. The SEC complaint alleged that he “fabricated documents and made misrepresentations to clients, many of whom were seniors.” The SEC further alleged that he “misrepresented that these clients’ portfolios had become too risky and needed to be replaced with less risky securities. However, these “less risky” securities were often rated as high risk and were also unavailable. The complaint alleges that Liddle had advisory clients send money directly to his investment advisory company, where Liddle misappropriated client funds and never invested the money on his clients’ behalf. The complaint alleges that Liddle then fabricated statements and made purported investment payments that were in fact coming from defrauded client funds, to advisory clients in order to continue his fraudulent scheme.”

Anthony Liddle Customer Complaints

He has been the subject of five customer complaints in 2022, according to his CRD report:

October 2022. “[REDACTED] claims they gave RR Liddle 110,000 and received a promissory note in return.” The customer is seeking $110,000 in damages, and the case is currently pending. 

July 2022. “Allege RR stole assets.” The customer is seeking $125,000 in damages and the case is currently pending. The complaint was regarding variable annuities and promissory notes. 

July 2022. “Theft.” The customer is seeking $1,755,189.31 in damages, and the case is currently pending. 

July 2022. “[REDACTED] claims they gave RR Liddle 125,000 and received a promissory note in return, [REDACTED] claims they have RR Liddle 373,000 and received a promissory note in return.” The customer is seeking $498,000 in damages, and the case is currently pending. The complaint was regarding promissory notes. 

July 2022. “Client may have had funds stolen by representative.” The case is currently pending. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore,  Landolt Securities, Inc. may be liable for investment or other losses suffered by Anthony Liddle’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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