Levin Law, P.A. Files an Additional FINRA Arbitration Claim on behalf of GPB Investors

June 28, 2019 Author: Brian Levin
GPB Capital Holdings Fraud

Levin Law, P.A. Files an Additional FINRA Arbitration Claim on behalf of GPB Investors and Continues to Investigate Brokerage Firms that Sold GPB Capital Holdings Funds

Levin Law, P.A. (“Levin Law”) is continuing its investigation regarding the due diligence and sales practices of securities brokerage firms that offered, recommended, or sold GPB Capital Holdings, Inc. (“GPB” or “GPB Capital”) funds and other private placement securities.  Levin Law has already been retained by multiple GPB investors who believe that they have suffered losses from their GPB investments.

On June 3, 2019, Levin Law filed an arbitration claim against a FINRA-member brokerage firm seeking at least $800,000 in damages on behalf of a family who was recommended and sold interests in GPB Automotive Portfolio, LP, GPB Holdings II, LP., and GPB Waste Management, LP.  The investors, in that case, alleging that the FINRA broker-dealer failed to conduct adequate due diligence on GPB funds prior to recommending and selling such funds to its customers.

GPB Capital is the subject of several on-going investigations by various state and federal investigators, along with the FBI, over allegations of dubious accounting and sales practices, as well as providing inaccurate disclosures to investors.

GPB Capital is an alternative asset management firm that was formed in 2013 and, according to InvestmentNews, “raised $1.8 billion from accredited investors through private placement funds, which invest in auto dealerships and the waste management industry.”  It is believed that broker-dealers who sold GPB funds are claimed to have earned over $100M in commissions. Investors in these products have suffered investment losses due to their investment in GPB funds marketed as a safe and with minimal risks.  In August 2018, GPB Capital announced that it was suspending the sale of its funds to conduct an internal accounting review.  GPB Capital suspended all redemptions of its funds, and its auditors resigned in late 2018.  GPB Capital also has failed to make required filings with the Securities and Exchange Commission, triggering further concerns with investors.

GPB funds were sold to investors by financial advisors and stockbrokers associated with many broker-dealers.  Many questions have arisen surrounding the brokerage firms’ due diligence.  FINRA-member brokerage firms and their registered representatives have an obligation to conduct adequate due diligence on securities prior to recommending and selling such investment products to customers.

Levin Law will be filing additional cases in the coming weeks involving GPB Automotive Portfolio, LP., GPB Holdings II, LP, GPB Waste Management, LP., and other GPB Capital funds.

Brian Levin is the managing partner of Levin Law, P.A., and has both a domestic and international practice, primarily representing individual investors, institutional investors, family offices, and others in claims for investment-related wrongdoing against brokerage firms, private banks, investment advisors, commodities firms, hedge funds, and others.  He also represents financial-industry professionals, including financial advisors, private bankers, hedge-fund employees, professional traders, and others in employment-related and trading claims against financial institutions.

If you invested in any GPB Capital fund and are interested in pursuing claims against the brokerage firm that sold you such funds, contact Levin Law for a free case consultation.

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