Our firm is investigating Ausdal Financial Partners, Inc. broker and investment adviser representative Wilfredo Raul Miranda (CRD# 3273284) of Oakbrook Terrace, Illinois for potential investment-related misconduct involving GWG L bonds and other illiquid real estate–related securities.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Wilfredo Raul Miranda has worked in the securities industry since 2000. He is currently registered as a General Securities Representative and investment adviser representative with Ausdal Financial Partners, Inc. (CRD# 7995), based out of a branch office in Oakbrook Terrace, Illinois, and has been associated with the firm since July 2012.
Miranda is licensed in more than two dozen U.S. states and territories, including Illinois, Florida, Texas, California, and others, and has passed the Series 6, Series 7, SIE, Series 63, and Series 66 examinations.
His prior registrations include:
- WMA Securities, Inc. (CRD# 32625) – Duluth, Georgia (2000)
- United Securities Alliance, Inc. (CRD# 36487) – Greenwood Village, Colorado (2001–2003)
- Moloney Securities Co., Inc. (CRD# 38535) – Manchester, Missouri and Bolingbrook, Illinois (2010–2012)
In addition, Miranda has reported other business activities, including property management in Florida and Illinois, outside insurance sales, service as an elder/trustee at a Miami church, and acting as a notary, all of which may overlap with his investment-related work.
Wilfredo Raul Miranda Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck shows one settled customer dispute and three pending FINRA arbitrations involving GWG L bonds and related real estate securities, as well as an older criminal disclosure. All of the customer disputes listed below arise from Miranda’s time at Ausdal Financial Partners, Inc.
GWG L Bond Customer Dispute – Settled
- Type of disclosure: Customer Dispute – Arbitration, settled
- Reporting source: Broker
- Underlying investment: GWG L bonds
- Allegations: Suitability, lack of due diligence, breach of contract, and failure to supervise in connection with a March 2021 purchase of GWG L bonds using proceeds from a prior three-year GWG L bond investment. Shortly after the 2021 purchase, GWG allegedly stopped paying interest and later filed for bankruptcy.
- Forum: FINRA arbitration, Case No. 22-01773
- Date complaint received: October 10, 2022
- Alleged damages: $100,000
- Settlement: On November 28, 2023, the case was reported as settled for $48,519.57, with Miranda personally contributing $19,408 to the resolution.
GWG L Bond and Real Estate Security Disputes – Pending
- 2025 FINRA Arbitration – Real Estate Security / GWG L Bond
- Type of disclosure: Customer Dispute – Pending
- Forum: FINRA arbitration, Case No. 25-00930
- Date complaint received: June 16, 2025
- Underlying investment: Real estate security and GWG L bond
- Allegations: Violations of federal securities laws, Illinois securities laws, and the Illinois Consumer Fraud and Deceptive Business Practices Act; breach of contract; common law fraud; breach of fiduciary duty; negligence and gross negligence.
- Alleged damages: $177,049.99
- 2024 FINRA Arbitration – Suitability, Misrepresentation, Reg BI
- Type of disclosure: Customer Dispute – Pending
- Forum: FINRA arbitration, Case No. 24-02258
- Date complaint received: October 25, 2024
- Underlying investment: GWG L bonds
- Allegations: Breach of fiduciary duty; suitability; misrepresentation of the investment; failure to supervise; breach of contract; and violations of Regulation Best Interest (Reg BI).
- Alleged damages: $155,000
- 2024 FINRA Arbitration – State Securities Law and Common Law Claims
- Type of disclosure: Customer Dispute – Pending
- Forum: FINRA arbitration, Case No. 24-01732
- Date complaint received: August 12, 2024
- Underlying investment: GWG L bonds
- Allegations: Breach of contract and warranties; promissory estoppel; violations of state securities statutes; breach of fiduciary duty; common law claims; and vicarious liability.
- Alleged damages: Customer claims a range between $100,000 and $500,000.
These pending arbitrations involve serious allegations that Miranda recommended complex, illiquid GWG L bonds to investors, allegedly failing to perform adequate due diligence, improperly concentrating customer portfolios, and not tailoring recommendations to the investors’ risk tolerances and financial situations.
GWG Holdings, the issuer of GWG L bonds, filed for Chapter 11 bankruptcy in April 2022 after raising roughly $2 billion from investors; the firm has missed substantial principal and interest payments, leaving many bondholders facing steep losses and uncertain recoveries.
To obtain a copy of Wilfredo Raul Miranda’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) in Context
FINRA Rule 2111 requires brokers and firms to have a reasonable basis to believe that every recommended security or investment strategy is suitable for the customer in light of that customer’s overall investment profile—including age, financial situation and needs, investment experience, risk tolerance, investment objectives, time horizon, liquidity needs, and tax status.
The GWG L bond disputes involving Miranda allege that he recommended illiquid, high-risk bonds and real estate-related securities to customers who may have had more conservative objectives, sometimes using proceeds from earlier GWG L bond investments to purchase additional bonds. When a broker repeatedly recommends speculative or concentrated positions in complex products without a solid foundation that those investments fit the customer’s profile, arbitrators can find that the broker and firm violated Rule 2111’s reasonable-basis and customer-specific suitability obligations. In these cases, investors often claim that the broker failed to conduct adequate product due diligence, ignored red flags about the issuer’s financial condition, and did not fully explain the risks, all of which can be central to a suitability analysis under Rule 2111.
FINRA Rule 2090 (Know Your Customer) in Context
FINRA Rule 2090, known as the “Know Your Customer” rule, obligates firms to use reasonable diligence at account opening and throughout the relationship to know and retain the essential facts concerning every customer and the authority of anyone acting on the customer’s behalf. Essential facts include those required to effectively service the account, follow special handling instructions, understand who may act on the account, and comply with applicable laws and regulations.
The pending complaints against Miranda include allegations of negligence, gross negligence, and violations of state and federal securities laws in connection with GWG L bonds and related real estate securities. When brokers recommend risky, complex, or long-term illiquid products without first gathering and updating accurate information about a customer’s income, net worth, investment experience, liquidity needs, and risk tolerance—and without adjusting recommendations as a customer’s circumstances change—arbitrators may conclude that the firm and its representatives failed to satisfy their Rule 2090 obligations. In the GWG L bond context, a failure to identify that investors needed income, capital preservation, or liquidity would be inconsistent with the high-risk, long-term nature of those bonds and could support a claim that the “Know Your Customer” rule was not followed.
FINRA Rule 3110 (Supervision) in Context
FINRA Rule 3110 requires every member firm to establish and maintain a supervisory system, including written supervisory procedures, that is reasonably designed to achieve compliance with applicable securities laws and FINRA rules. This includes periodic review of customer accounts, supervision of associated persons’ recommendations, and prompt follow-up on red flags such as patterns of unsuitable trades, over-concentration in high-risk products, or repeat complaints about a particular investment strategy.
Several of the complaints reported on Miranda’s BrokerCheck record specifically allege failure to supervise, alongside suitability, misrepresentation, and breach of fiduciary duty claims. In GWG L bond and real estate security cases, arbitrators often examine whether the firm had adequate policies and procedures for vetting complex products, monitoring concentrated positions, and reviewing alternative investment sales to older or conservative investors. If Ausdal Financial Partners failed to monitor repeated sales of GWG L bonds by Miranda, did not enforce reasonable limits on customer exposure to illiquid securities, or ignored warning signs raised by early GWG L bond payment disruptions and the issuer’s bankruptcy, those supervisory lapses could constitute violations of Rule 3110 and, indirectly, FINRA Rule 2010’s requirement to observe high standards of commercial honor and just and equitable principles of trade.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.
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