The allegations read: The securities and exchange commission (the "commission"), for its complaint against garrett w. Moretz, alleges that moretz deceived multiple retail investors by making repeated misrepresentations to them regarding high-risk debt securities known as l bonds, which were issued by gwg holdings, inc. ("gwg"). Moretz, in both electronic mail messages and oral communications, repeatedly misrepresented l bonds to investors as "guaranteed." moretz knew the l bonds he offered and sold to investors were not guaranteed, and he knew they were not guaranteed at the time he represented them as such to investors. Since at least 2017, moretz misrepresented l bonds to investors and potential investors as "guaranteed." from at least september 2019 until in or about august 2020, moretz misrepresented l bonds as "guaranteed" to four customers who subsequently purchased l bonds. Through his conduct, moretz violated, and unless restrained will continue to violate, section 17(a) of the securities act of 1933 ("securities act") and section 10(b) of the securities exchange act of 1934 ("exchange act") and rule 10b-5 thereunder.
