Allegations of Unsuitability Related to Selling of GWG L Bonds FIled by Multiple Clients
Daniel Keith Beech, a previously registered representative of Western International Securities, is facing multiple accusations of wrongdoing. The broker currently has ten customer disputes pending against him related to his recommendation and sale of GWG L Bonds. Total investment losses are expected to be in the millions.
At Meyer Wilson, we represent clients who have experienced losses related to investment fraud and broker misconduct. Investors who were recommended and sold GWG L Bonds are believed to have lost millions of dollars. The bonds are considered illiquid, unsuitable investments. If you or a loved one purchased GWG L Bonds from Daniel Beech or another broker, contact our office at (614) 532-4576 to schedule a free consultation.
Pending Allegations Against Daniel K. Beech
According to the BrokerCheck report of Daniel Keith Beech (CRD#: 6169844), he is facing ten pending customer disputes. All of the disputes stem from alleged unsuitable recommendations made while he was employed with Western International Securities. Other harmed investors should speak with an investor claims attorney immediately.
Pending customer disputes against Daniel Beech:
- April 2022: Customer alleges that Beech was negligent in the recommendation of an alternative investment that resulted in at least $5,000 of damages.
- June 2022: Customer is requesting damages in the amount of $300,000 for negligence related to debt-corporate products. The matter has evolved into arbitration/CFTC reparation.
- June 2022: Client alleges that Beech made an unsuitable recommendation in debt-corporate products resulting in $300,000 worth of damages.
- July 2022: Accusations involve unsuitable recommendations in debt-corporate products resulting in $258,900 worth of damages.
- July 2022: Client alleges unsuitability related to debt-corporate products resulting in damages of $379,250.
- October 2022: Customer is seeking a $150,000 reimbursement after the broker allegedly made misrepresentations related to an investment resulting in losses.
- October 2022: Client is seeking a $1,000,000 reimbursement for an unsuitable investment recommendation.
- November 2022: Customer has requested damages in the amount of $5,000 alleging that the broker was not only negligent but was also unjustly enriched by the transaction.
- November 2022: Allegations include that Beech made unsuitable recommendations and misrepresentations and omissions of material facts related to an investment. The client is requesting $150,000 in damages.
- January 2023: Client is requesting $5,000 in losses as a result of an unsuitable investment recommendation and broker negligence.
In addition to the pending customer disputes, two prior allegations of wrongdoing were settled. In August 2021, a performance-related dispute was settled for $62,500. In December 2019, a dispute related to an unsuitable recommendation in a Real Estate Investment Trust (REIT) was settled in state court for $10,000.
Contact Our Office for More Information
If you sustained losses after investing in GWG L Bonds with Daniel Beech or another broker, contact our office at (614) 532-4576 to schedule a free consultation.
The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .