GWG Investors Sue Western International Securities for Up to $5M Lost In Alleged Affinity Scam: Shepherd Smith Edwards and Kantas

Beverly Hills Financial Planners' Angelo Talebi Allegedly Worked With One of The Firm's Brokers to Target Persian American Community Through Radio Ads

HOUSTON, Jan. 21, 2025 /PRNewswire/ -- Two Maryland investors of Persian descent have filed a FINRA lawsuit seeking up to $5M for their losses from Western International Securities. The claimants, who are older seniors, contend that their financial advisor Daniel Keith Beech misrepresented GWG Holdings L Bonds as safe, low risk investments when they were in fact, high-risk, illiquid bonds. Shepherd Smith Edwards and Kantas (investorlawers.com) is representing this older couple. 

Beech allegedly grossly unsuitably recommended that they invest a significant amount of money. Now, these senior investors are looking at a total loss of their principal. We believe they are the target of a suspected affinity scam involving Beverly Hills Financial Planners CEO and investment adviser Angelo Talebi. The latter purportedly placed ads on Persian Radio to sign up clients of Iranian descent and then sent these prospects Beech, who allegedly improperly paid commission kickbacks Talebi. FINRA suspended Beech in 2023 for these purported kickbacks, and he is no longer a registered representative. 

Why Work With Our GWG L Bond Fraud Attorneys?

Our L Bond loss recovery lawyers are representing many of these investors, including a number of those who sustained losses while working with a Western International Securities financial advisor. Even if the broker-dealer wasn't aware of any alleged fraud or negligence, their failure to properly supervise their registered representative can lead to a FINRA lawsuit in which the investor could be awarded damages. 

 We have more than a century's worth of collective experience in securities law and the securities industry focus exclusively on representing investors against broker-dealers and investment advisers.

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SOURCE Shepherd Smith Edwards & Kantas LLP