Managing partner and Levin Law, P.A. founder Attorney Brian Levin has secured an arbitration award of over $500,000 against Arete Wealth Management for its negligent approval and sale of a GPB Capital Fund to Michigan-based investors.
Levin Law, P.A. is a national securities and business litigation law firm serving clients worldwide. Attorney Brian Levin has recovered over $100 million in settlements and arbitration awards through dedicated, aggressive legal representation.
If you were recommended or sold GPB Capital Holdings Fund private placements such as GPB Automotive Portfolio, LP, GPB Capital I, LP, GPB Capital II, LP, or Armada Waste Management, contact Levin Law immediately at (305) 402-9050 or via email at firstname.lastname@example.org.
Attorney Brian Levin successfully argued to a Financial Industry Regulatory Authority Dispute Resolution Services (“FINRA”) arbitration panel that a broker-dealer that recommended and sold shares of GPB Capital Holdings-issued private placement GPB Automotive Portfolio, LP violated securities and other state laws.
According to the award summary, Mr. Levin asserted on behalf of his clients that the broker-dealer engaged in negligence, breach of fiduciary duty, negligent supervision, breach of contract, and violations of the Michigan Securities Act.
The panel found on behalf of Mr. Levin’s clients awarding compensatory damages to the two parties of over $186,000. Additionally, the arbitrators found that the broker-dealer was responsible for and required to pay statutory interest of over $58,000 and fees and costs exceeding $260,000.
Levin Law, P.A. has been investigating allegations of securities fraud and misconduct against GPB Capital Holdings Fund for over two years. The alternative asset management firm was launched in 2013, reportedly raising over $1 billion from investors in two of its largest private placements alone, GPB Capital II and GPB Automotive Portfolio.
The Fund came under scrutiny after allegations arose that the company was involved in a complicated Ponzi-like scheme, defrauding investors out of millions. Multiple state and federal regulatory agencies have brought charges against GPB Capital and its principals.
GPB Capital and its principals are alleged to have falsified financial statements, misled investors, and engaged in extensive efforts to cover up illicit activities. Additionally, broker-dealers such as Triad Advisors, National Securities, Concorde Investment Services, Newbridge Securities, Royal Alliance Associates, and others are accused of failing to conduct adequate due diligence on GPB Capital securities, and making misleading statements to investors when recommending such high-risk, high-commission private placements that were unsuitable for all investors. It is believed that broker-dealers earned as much as $100 million in commissions off of these risky, illiquid investments.
The full amount of losses to investors who were sold and recommended GPB Capital Holdings-issued private placements is still unknown. In 2019, in a devastating blow to investors, GPB announced that it would be marking down the fair market value of its funds, some by up to 70%. Based on the recent SEC and U.S. Department of Justice filings, it is believed that losses in GPB Capital funds could exceed 70%.
In an effort to recover losses on behalf of investors throughout the country who have suffered losses as a result of being recommended GPB funds, Levin Law, P.A. has filed over a dozen FINRA arbitration claims against independent brokerage firms. Additionally, Levin Law filed a class-action lawsuit in New York directly against GPB Capital and related entities.
If you have suffered losses after investing in any GPB Capital fund, contact Levin Law, P.A. for a free case consultation. Attorney Brian Levin has successfully held brokers and brokerage firms responsible for their role in recommending and selling shares of these risky, high-commission private placements.
Call (305) 402-9050 or email Mr. Levin directly at email@example.com to obtain more information about recovering your losses. Levin Law accepts most cases on a contingency-fee basis, meaning that you would not be required to pay Levin Law’s attorney’s fees unless financial compensation is recovered on your behalf.
Levin Law is a premier national securities and class action law firm. Brian Levin, Levin Law’s founding attorney, has obtained settlements and recoveries in excess of $100,000,000 in assets through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.