SEC Hits Firm With $85K Reg BI Fine

What You Need To Know

• The firm and a registered rep violated Reg BI via the sale of L bonds, a high-risk investment created by now-defunct GWG Holdings, the SEC says.
• The rep did not know and could not explain how it was in the client's best interest to buy an illiquid five-year L bond.
• The SEC also suspended the rep for nine months.