From February 2021 through April 2021, Morris recommended that five retail customers, including four senior customers, invest in GWG L Bonds, which are speculative, unrated corporate bonds. Morris’s recommendations were not in the customers’ best interests based on their investment profiles. Therefore, Morris willfully violated Rule 15l-1(a)(1) under the Securities Exchange Act of 1934 (Reg BI) and violated FINRA Rule 2010. For these violations, Morris is suspended for three months in all capacities, fined $10,000, and ordered to pay $5,607 in partial restitution plus interest.

Between April 2022 and July 2023, Hohensee recommended that two customers invest in eighteen structured notes without having a reasonable basis to believe the recommendations were in the customers’ best interests based on their investment profiles. As a result, Hohensee willfully violated the Care Obligation of Regulation Best Interest and violated FINRA Rule 2010. For this misconduct, Hohensee is suspended for six weeks in all capacities, fined $10,000, and ordered to pay restitution of commissions to the two customers in the amount of $7,530 plus interest...