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Beneficient's Trading is Bad Omen for GWG Bondholder Recoveries

By Craig McCann and Regina Meng.

An image of the GWG Ben logo.


We have found so many red flags in GWG Holdings' public filings years before its bankruptcy filing in 2022 that no unconflicted broker would have recommended GWG's L Bonds and no fully informed investor would have bought them. Nonetheless, $1.3 billion face value of L Bonds remained outstanding at the time of the bankruptcy. These bonds were sold by third tier brokerage firms in pursuit of undisclosed commissions as high as 8%.

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