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Virgil Folden Allegedly Misrepresented GWG Investments

Jan 11, 2023 Misrepresentation

Virgil Folden (CRD #: 1067585), a broker registered with Saxony Securities, allegedly misrepresented and omitted facts, according to his BrokerCheck record, accessed on January 4, 2023. Investors may have also worked with him through Fredericksburg Financial Planning Services. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Dispute

On October 22, 2022, an investor alleged that Virgil Folden misrepresented certain GWG Holdings investments and failed to disclose material facts related to them on October 14, 2015. The client seeks $300,000 in damages in this pending dispute.

GWG Holdings has filed for bankruptcy and failed to make millions of dollars in L bond payments. 

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other unethical tactics to influence investors’ decisions. This includes the misrepresentation of an investment’s potential returns, risks, or other relevant information.

Background Information

Virgil Folden has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 99TO – Operations Professional Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 22 – Direct Participation Programs Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Virgil Folden is a registered broker in Georgia, New Hampshire, North Carolina, and Virginia. He is also a registered investment adviser in Virginia.

He has also worked for the following firms:

  • Sandlapper Securities (CRD#:137906)
  • CapWest Securities (CRD#:30002)
  • United Securities Alliance (CRD#:36487)
  • MML Investors Services (CRD#:10409)
  • Massachusetts Mutual Life Insurance Company (CRD#:2682)

Kurta Law Can Help

If you worked with Virgil Folden and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. 

 

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