GWG Holdings Inc. L Bonds Losses with Portsmouth Financial Services Broker Steve Stanford

GWG Holdings Inc.

Portsmouth Financial Services broker Steve Stanford (CRD# 1686790) is accused of GWG Holdings Inc. L Bond investment losses. He has been registered with Portsmouth Financial Services in San Francisco, California, since 2013. Previously, he was registered with the following brokerage firms: 

  • East / West Securities Corp. in Boligee, Alabama, from 2012 to 2013
  • White Pacific Securities, Inc. in San Francisco, California, from 2009 to 2012
  • 1st Discount Brokerage, Inc. in Birmingham, Alabama, from 2002 to 2009
  • Acument Securities, Inc. in San Francisco, California, from 2001 to 2002

Prior to then, he was registered with Painewebber Incorporated in Weehawken, New Jersey, from 2000 to 2002, when he was terminated regarding, “client verbally alleged unauthorized trading. unsuitable recommendation.”

Steve Stanford Customer Complaints

He has been the subject of two customer complaints between 1999 and 2023, according to his CRD report. The most recent complaint was regarding: 

December 2023. “Unsuitable recommendations, misleading investment advice, failure to conduct due diligence.” The customer is seeking $60,000 in damages, and the case is currently pending. The complaint was related to GWG Holdings Inc. L Bonds and preferred stock losses.

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, Portsmouth Financial Services may be liable for investment or other losses suffered by Steve Stanford’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.

"*" indicates required fields

Please do not include any confidential or sensitive information in this form. Submitting this form does not create an attorney-client relationship.

Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.