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SEC Recommends Receivership For GPB Capital Holdings

Published on: June 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Regulator Seeks To Protect Nearly $1B of Investor Assets From Founder Accused of Over $1.8B Ponzi Scam. The US Securities and Exchange Commission (SEC) and court-appointed monitor Joseph Gardemal recommend the appointment of receivership to protect almost $1B of investors’ assets from GPB Capital Holdings owner and founder David Gentile. Other executives and founders of […]

Advisor Group Broker-Dealers Facing $19.4M in GPB Capital Holdings Investor Claims

Published on: March 11, 2022 | by Samuel B. Edwards

In Focus Reports submitted to the US Securities and Exchange Commission (SEC) in February 2022, four brokerage firms from the Advisor Group network disclosed that they were respondents in 58 Financial Industry Regulatory Authority (FINRA) arbitration cases. These arbitration cases, from July 2019 through the end of 2021, were over GPB-related losses. GPB Capital Holdings, […]

Former GPB Capital Holdings CEO David Gentile Sues The Alternative Asset Firm

Published on: January 4, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Founder Faces Charges Over $1.8B Ponzi Scam and Wants GPB Capital to Pay His Legal Fees Beleaguered private equity firm GPB Capital Holdings is back in the news. This time its founder and former CEO, David Gentile, is suing the company in Delaware Chancery Court. Gentile, who is facing criminal, civil fraud, and conspiracy charges […]

GPB Capital Holdings Concludes Sale of Prime Automotive Group

Published on: November 23, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Beleaguered Alternative Asset Firm Also Reaches $30M Settlement With Former Prime CEO New York-based GPB Capital Holdings, LLC has finalized its sale of its Prime Automotive Group to Group 1 Automotive. The purchase includes all of Prime Auto’s assets, including over two dozen car dealerships and three collision centers. The $880M sale of Prime Automotive […]

Did GPB Capital Holdings Executives Improperly Use Investors’ Money To Fund Personal Spending?

Published on: August 10, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Federal Prosecutors Interviewed Alternative Asset Firm’s Former Auditor Six months after the Justice Department filed criminal charges against ex-GPB Capital Holdings executives for operating an over $1.8B Ponzi scam that defrauded more than 17,000 investors, prosecutors have submitted a court filing disclosing that federal officials have interviewed Alan Materazo of Margolin Winer & Evens, an […]

Missouri and Illinois Fraud Lawsuits Say Ex-GPB Capital Holdings CEO and Ascendant Capital Owner Illicitly Made Over $40M in Over $1.7B Ponzi Scam

Published on: March 1, 2021 | by Shepherd Smith Edwards & Kantas, LLP

States Allege Self-Dealing: Key GPB Capital Parties Used Investors’ Money to Fund Luxury Expenses In separate lawsuits suing GPB Capital Holdings and other key parties for defrauding investors in a more than $1.8B Ponzi scam, Missouri and Illinois regulators are accusing former GPB Capital Holdings CEO, David Gentile, and Ascendant Capital owner, Jeffry Schneider, of […]

New York And Other States Sue GPB Capital Holdings For Mass Ponzi Scam

Published on: February 9, 2021 | by Shepherd Smith Edwards & Kantas, LLP

State Lawsuits Come After SEC Complaint and FBI Arrests New York Attorney General Letitia James is suing GPB Capital Holdings along with five co-defendants for running a mass Ponzi scam. The NY AG contends that the alternative asset firm and private equity fund manager, which is based in the state, defrauded investors throughout the US […]

SEC Says GPB Capital Holdings CEO and Executives Defrauded Over 17,000 Investors In $1.7B Ponzi Scam

Published on: February 5, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Justice Department Files Parallel Criminal Charges Against GPB Capital’s David Gentile and Others The Securities and Exchange Commission (SEC) has filed civil charges against GPB Capital Holdings CEO and owner David Gentile, ex-GPB managing partner Jeffrey Lash, Ascendant Capital owner Jeffry Schneider, and affiliated entities, including Ascendant Alternative Strategies, of defrauding 17,000 retail investors in […]

Ex- CEO’s Lawsuit Against GPB Capital Holdings’ Prime Automotive Group May Proceed

Published on: February 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Prime Automotive Group CEO Accused Alternative Asset Firm of Running Massive Ponzi Scam A Massachusetts Superior Court judge says the majority of the lawsuit filed by former Prime Automotive Group CEO, David Rosenberg, can move forward. Rosenberg, in his complaint, claims that he was fired and retaliated against after he accused the parent company, GPB […]

Ex-GPB Capital Holdings CCO Pleads Guilty to Theft of Government Property

Published on: September 16, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Michael Cohn Allegedly Stole Information About SEC Probe Into GPB Ponzi Scam Allegations Nearly a year after he was charged with obstruction of justice, Michael Cohn, the former Chief Compliance Officer of GPB Capital Holdings, has pleaded guilty to the misdemeanor crime of theft of government property. The initial charges against him had been classified […]