Former GWG CEO Resigns From Board

Posted on December 16th, 2022 at 1:27 PM
Former GWG CEO Resigns From Board

From the Desk of Jim Eccleston at Eccleston Law.

GWG Holdings announced its bankruptcy earlier this year, which has resulted in the resignations of multiple members of its board of directors.

The former president and chief executive officer, Murray Holland, resigned as an executive officer of the company in November. Further, the investigations committee of the current board of directors has reported in an amended 8-k filing with the SEC that the company previously had falsely reported that the resignations of former board members were not a result of any disagreements with the company. According to the amended filing, however, the resignations of Roy Bailey, Daniel Fine, and Jeffrey MacDowell in March 2021 occurred primarily due to disagreements with GWG.

The investigations committee notified the current board that the resigning executives had taken issue with certain terms of a potential investment GWG was considering, according to the amended filing. Holland additionally submitted a letter to the board noting his disagreement with the findings of the board’s investigation committee. Independent directors Tony Horton and Jeffrey Stein, the company’s president, chief executive officer and chief restructuring officer, respectively, remain on GWG’s board of directors.

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

Tags: eccleston, eccleston law, advisors, law, ceo, gwg

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