Joseph Beam Involved in GWG Holdings Disputes

Joseph Beam (CRD# 5407778[1]), formerly a broker registered with Capital Investment Group, recommended unsuitable investments in GWG Holdings, according to investor disputes. MDF Law is investigating the former Flat Rock, North Carolina-based financial professional for similar conduct. We urge investors with concerns to contact us as soon as possible.

To learn more about the allegations against Mr. Beam, the owner of Beam & Associates, continue reading this post. The information below can be found in his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on December 26, 2023. 

Pending GWG Disputes Seek 6-Figure Damages

Between May 2022 and November 2023, five parties of investors filed disputes involving Mr. Beam. The claims include allegations of unsuitable investment recommendations, misrepresentation of material information, breach of contract, and breach of fiduciary duty. Four of the claims specify that they relate to investments in GWG Holdings. 

Of the five disputes, four remain pending. They allege cumulative damages of $465,000. Mr. Beam’s former member firm settled the fifth complaint for a total of $32,500.

What Are GWG L Bonds?

Investors in GWG L Bonds[2] should be aware of recovery options that may be available to them. GWG Holdings, the company that issued these risky bonds, filed for Chapter 11 bankruptcy on April 20, 2022. By that date, the Securities and Exchange Commission (SEC) had been probing the company for potential illegal activities since October 2020. GWG revealed this investigation to its investors the next year. Beginning in 2018, however, the company’s principals steered investor funds towards their own ventures, keeping this from their investors as well.

If you lost money investing in GWG L Bonds, you may have grounds to file a FINRA arbitration claim against the broker-dealer firm that marketed them to you. In the event that you win a recovery from the firm, you will remain eligible for payments made through GWG Holdings’ bankruptcy process, if any.

FINRA: Joseph Beam Based in Flat Rock, North Carolina

Joseph Beam launched his career as a broker in 2007. That was the year he registered with SunTrust Investment Services’ branch office in Hendersonville, North Carolina. He worked at the firm until 2013, when he departed for Capital Investment Group’s office in Flat Rock, North Carolina. He left that firm in June 2023 and has remained unregistered as a broker since. With 15 years of experience as a broker, he has completed four industry exams, including the Series 7 and the Series 6.

At MDF Law, We Advocate for Investors

Are you a current or former Joseph Beam client with concerns about your investments? Are there unsuitably risky securities in your account, or did your broker fail to explain the characteristics of or fees associated with certain products? You may be eligible to file a FINRA arbitration claim to pursue lost funds. At MDF Law, our attorneys boast years of experience advocating for the victims of investment fraud, securing more than $100 million in recoveries. We operate on a contingency basis, meaning our clients only pay if they win, and we offer free consultations nationwide. Call 800-767-8040 to chat with a lawyer today.