Garrett Moretz Allegedly Misrepresented GWG L Bonds
Garrett Moretz (CRD# 4086791), a broker registered with LifeMark Securities, deceived investors when selling GWG L Bonds, according to Securities and Exchange Commission charges. MDF Law is investigating the Mooresville, North Carolina-based financial professional, who is also president of Moretz Wealth Management, for similar conduct. If you suffered losses on GWG L Bonds or other investments he recommended, contact our law firm for a free consultation.
To learn more about the allegations against Mr. Moretz, continue reading this post. The information below is based on an October 2, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
SEC Charges Detail GWG L Bond Allegations
On July 29, 2024, the SEC announced charges against Mr. Moretz. The regulator alleges that he “deceived multiple retail investors by making repeated misrepresentations to them regarding high-risk debt securities known as L Bonds, which were issued by GWG Holdings.” It specifically describes communications with customers in which he allegedly described the investments as “guaranteed.” According to the SEC, he knew that this was not the case.
As an SEC litigation release describes, he sent a customer emails that claimed the L Bonds had a “great guaranteed rate of return and payout” and that they offered “a steady rate of return and guaranteed payout.” He either knew that the interest payments or return of principal were not guaranteed, or was “reckless in not knowing,” the SEC alleges. The charges, which allege violations of securities laws, are still pending.
Statement Defends Against Allegations
In a “Broker Comment” found on his BrokerCheck profile, Mr. Morris offers a defense against the charges. “He is fighting the allegations made by the Commission and will attempt to prove that he did not misrepresent the product,” the comment reads. “It is [his] belief that he will uphold the integrity of his financial practices.”
Disputes Alleged Unsuitable Bond Recommendations
In 2022 and 2023, three parties of investors lodged disputes involving Mr. Moretz. These disputes included allegations that he recommended unsuitable corporate bonds, conducted insufficient due diligence, and misrepresented and omitted material information. His member firm settled the disputes for more than $250,000 in total.
Pending Dispute Concerns Bond, REIT Investments
On April 29, 2024, another investors filed a dispute alleging that Mr. Moretz misrepresented a corporate bond product and failed to notify the client “that an illiquid REIT he owned became public, causing losses when the price declined.” The dispute, which is still pending, seeks $50,000 in damages.
FINRA: Garrett Moretz Based in Mooresville, South Carolina
Garrett Moretz started his career as a broker in 2000, when he registered with American Express Financial Advisors in Minneapolis, Minnesota. Over the course of his career, he’s worked at firms including Synergy Investment Group, Allegiant Securities, and First Heartland Capital. He joined his current member firm, LifeMark Securities Corporation, in 2017. He is still registered with the firm today, working at its office in Mooresville, South Carolina. As FINRA records note, he is also the president of Moretz Wealth Management.
GWG L Bond Losses? Contact MDF Law
Did you lose money investing in GWG L Bonds or other unsuitable products recommended by Garrett Moretz? You have rights as an investor, and you may have grounds to file a FINRA arbitration claim to recover losses. Call MDF Law at 800-767-8040 to chat with an attorney. We take all cases on a contingency basis—we only receive a fee when our clients win—and we offer free consultations nationwide. Don’t delay: call MDF Law today.