Betsy Whipple Allegedly Sold Unsuitable GWG Investments
Betsy Whipple (CRD# 2703262), a broker registered with Osaic Wealth, violated Regulation Best Interest, according to investor disputes. MDF Law is investigating the Hiko, Nevada-based financial professional, who was previously a representative of Newbridge Securities, for similar conduct. If you suffered losses in your accounts, contact us for a free consultation.
The following post details more information about the disputes involving Ms. Whipple. This information is based on an October 8, 2024 review of her BrokerCheck profile, a Financial Industry Regulatory Authority resource.
Pending GWG Disputes Seek 6-Figure Damages
In August and September 2024, four parties of investors filed disputes involving Ms. Whipple. All four disputes allege that she breached her fiduciary duty, engaged in negligence, breached contract, failed in her supervisory capacity, and violated Regulation Best Interest. The disputes, which are still pending, all concern investments in GWG L Bonds. They seek cumulative damages of up to $250,000.
Attorney Marc Fitapelli Discussing GWG L Bonds
Betsy Whipple Denies Allegations
The above-described pending disputes are not the only ones in Ms. Whipple’s professional record. In 2022, another investor lodged a dispute alleging that she made misrepresentations regarding alternative investments, breached her fiduciary duty, and breached contract. Her former member firm settled the dispute for $250,000.
Ms. Whipple issued a statement denying the allegations in the settled dispute, according to her BrokerCheck profile. “The clients were fully informed about the investment,” she asserted, “and the risks and they were fully qualified to buy the investment. “
FINRA Rules Forbid Misrepresentation
As FINRA Rule 2020 establishes, brokers may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” In other words, this rule forbids them from offering misleading information about the investments they recommend. When brokers misrepresent or omit material facts about their recommendations, they may potentially lead their clients to invest unsuitably. Unsuitable investments are those out of alignment with a customer’s profile. As the SEC’s Regulation Best Interest makes clear, brokers are also required to exercise reasonable diligence to determine whether their recommendations are appropriate for a customer’s background and objectives: in other words, that the recommendations are in the customer’s best interest.
FINRA: Broker Based in Hiko, Nevada
Betsy Whipple started her career as a broker in 1996. That year, she registered with Painewebber in Weehawken, New Jersey. Over the following decades, she went on to work with firms including Morgan Stanley, Merrill Lynch, and Newbridge Securities Corporation. She joined her current member firm, Osaic Wealth, in June 2024, and has remained at its Hiko, Nevada office since. As her BrokerCheck profile notes, she does business as BL Whipple Wealth Management. With 28 years of experience as a broker, she has completed six industry exams, including the Series 3 and the Series 6TO.
MDF Law Can Help You Recover Losses
Do you have complaints regarding investments recommended by Betsy Whipple? You may be able to recover losses, especially if your portfolio included risky or otherwise unsuitable investments that weren’t fully explained by your broker. To talk over your potential recovery options, call MDF Law at 800-767-8040 to chat with one of our attorneys. We take cases on contingency and offer free consultations across the US. Since you may have limited time to file a claim, we encourage you to avoid delay. Call MDF Law today.