Robert M. Vance

The SEC charged former broker Robert Vance for violating Regulation Best Interest by recommending high-risk L Bonds to retail customers, many of whom were nearing retirement and had moderate risk tolerances. Despite warnings from the issuer, GWG Holdings, that L Bonds were speculative and only suitable for investors with substantial financial resources, Vance continued recommending these bonds, even after GWG disclosed doubts about its financial stability in 2021. The SEC alleges that Vance failed to exercise proper diligence and recommended L Bonds to customers for whom the investments were not in their best interest.