Broker-Dealer Ordered to Pay Customers More Than $625K in Restitution The Financial Industry Regulatory Authority (FINRA) sanctioned National Securities Corporation for about $9M, including $4.77M disgorgement in net profits. The broker-dealer allegedly tried to artificially impact the market for GPB private placements involving several public offerings while serving as the…
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. …
FINRA Accuses Broker-Dealers of Negligence and Unsuitability The Financial Industry Regulatory Authority (FINRA) recently fined three brokerage firms for negligently selling GPB Capital Holdings private placements to retail customers. The broker-dealers are Dempsey Lord Smith, BD4RIA, and Geneos Wealth Management. They have agreed to pay a $70K fine plus more…
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…
US Government Reaches Out to GPB Capital Investors Who Were Harmed On December 23, 2021, the US Department of Justice sent a letter to those who have been identified as victims or potential victims of GPB Capital Holdings, LLC‘s more than $1.8B Ponzi scheme. The notice comes in the wake…
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,…
GPB Private Placements Were Sold Through Brokerage Firm’s AdvisorDirect® Service An investor recently filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against broker-dealer TD Ameritrade over losses sustained in GPB investments. The private placements from GPB Capital Holdings were recommended by an investment advisor via the TD Ameritrade AdvisorDirect®…
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…
Couple’s FINRA Arbitration Claim Seeks Up to $500K in Damages A retired couple from Payson, Utah have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Woodbury Financial Services over losses they sustained while investing in GPB Capital Holdings LLC, CIM REIT, and other privately traded entities. Now, they…
Alternative Asset Firm’s Former CEO Wants Money Despite Facing Criminal Fraud Charges David Gentile, the founder of GPB Capital Holdings LLC, is requesting that a district court grant him supervised mediation as he attempts to secure millions of dollars that he claims the alternative asset firm owes him as owner…