Dave Smith, Intervest Broker, Involved in GWG Disputes
Dave Smith (CRD# 850797), a broker registered with Intervest International Equities, violated industry rules and recommended unsuitable investments, according to investor disputes. MDF Law is investigating the Colorado Springs, Colorado-based financial professional for similar conduct. Current or former clients with concerns about their accounts should call us for a free consultation.
Keep reading to learn more about the allegations involving Mr. Smith. This post is based on a review of his Financial Industry Regulatory Authority BrokerCheck profile, reviewed on February 13, 2025.
Pending Disputes Stem from L Bond Investments
In 2024, four parties of investors filed disputes involving Mr. Smith. These claims include allegations of unsuitable investment recommendations, improper conduct, breach of fiduciary duty, negligence, and breach of contract. All four stem from investments in GWG L Bonds. The disputes, which are still pending, cumulatively seek $1,795,340 in alleged damages.
Firm Settled 2023 GWG Dispute
On March 1, 2023, another investor filed a dispute involving Mr. Smith. In this claim, they alleged misrepresentations and omissions of material information, unsuitable investment recommendations, breach of fiduciary duty, and a failure to act in the client’s best interest. Like the above-described pending disputes, this one also stemmed from investments in GWG L Bonds. His member firm settled the claim for $102,500.
GWG L Bond Investors Have Recovery Options
As investors may know, GWG Holdings initiated bankruptcy proceedings in April 2022. The Texas-based firm had previously issued “L Bonds,” investment instruments that raised funds for the purchase of life insurance policies on the secondary market. As the company’s own prospectus disclosed, these products were both complex and risky. Indeed, GWG disclosed that they were “only suitable for persons with substantial financial resources and with no need for liquidity.” The company ceased issuing them before filing for bankruptcy. In addition, GWG disclosed at the time of its bankruptcy filing that it was under investigation by the SEC. In the years since, the SEC has brought charges against a broker-dealer firm that marketed the L Bonds.
Investors who lost money investing in GWG L Bonds may be able to pursue a recovery by filing a FINRA arbitration claim against the firm that marketed the products. In the event that they recover damages from the firm, they will still be eligible to receive any payments issued through GWG’s ongoing bankruptcy process.
Dave Smith’s Professional History
As his BrokerCheck record reflects, Mr. Smith is a registered representative and the president of Intervest International Equities Corporation. That firm’s website includes a section outlining his professional biography. “After military service in early 1977, Dave began providing full financial planning services to officers, senior enlisted and civil service personnel stationed in Europe,” the profile reads. “From the beginning, the focus was on needs-based full financial planning using the latest technology for planning and the most competitive financial products for solutions.”
FINRA: Broker Based in Colorado Springs
Mr. Smith launched his career as a broker in 1978. That year, he joined Cornerstone Financial Services, where he remained until he joined Financial Planners Equity in 1981. Over the years since, he has worked at firms including Security Distributors and Ausdal Financial Partners. He registered with Intervest in 1995 and is still registered at its Colorado Springs, Colorado office.
L Bond Losses? Call MDF Law Today
Do you have complaints about GWG L Bonds or other investments recommended by Dave Smith? Contact MDF Law for a free consultation today if so. With decades of experience advocating for investors, our lawyers have recovered more than $100 million in investment losses. We provide free consultations to investors across the US. We also take cases on a contingency basis: you only pay a fee if you win. Call 800-767-8040 to chat with our team today.