GWG Senior Executives Resign Amidst Bankruptcy

Posted on November 29th, 2022 at 2:02 PM
GWG Senior Executives Resign Amidst Bankruptcy

GWG Holdings, the financial services firm that is facing Chapter 11 bankruptcy, has announced that the company’s chief executive officer, Murray Holland, and the company’s chief financial officer, Timothy Evans, have each resigned as executive officers. However, Holland and Evans remain as members of the board of directors of GWG. 

Furthermore, GWG has submitted an amended 8-k filing with the Securities and Exchange Commission (SEC). According to the filing, the investigations committee of the current board of directors reported that GWG had previously falsely reported that the resignations of former board members Roy Bailey, Daniel Fine, and Jeffrey MacDowell in March 2021 were not related to disagreements with GWG. The investigations committee informed the current board that the resigning officers had taken issue with certain parameters of a proposed investment GWG was contemplating, according to the updated filing. 

GWG has faced a series of resignations after the company filed for Chapter 11 bankruptcy in April 2022. GWG was involved in an SEC investigation earlier this year relating to how its L bonds were marketed to clients, which helped pave the path to bankruptcy as GWG struggled to raise additional capital. Shares of GWG have fallen from $10.55 to $1.03 over the past 12 months. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

July 26, 2024
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

July 25, 2024
FINRA Plans Fee Increases Amid Rising Costs and Losses

The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.

July 24, 2024
Raymond James Settles with Oregon Over Excessive Commissions

Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.