Articles Posted in Ponzi Scams

Woodbury Financial Services Representative Accused Of GPB Private Placements Sales

If you are an investor who was sold GPB Capital private placements by Woodbury Financial Services broker Daryl Serizawa, our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to talk to you. 

Serizawa is one of the hundreds of financial representatives who sold GPB funds to customers. These brokers and their firms earned more than $160M in commissions. Now, GPB Capital Holdings, an alternative asset firm that invests in auto dealers and waste management, is accused of operating a $1.8B Ponzi scam. 

Michael Sievert is Now an Arkadios Capital Broker

If you were an investor who suffered losses from GPB Capital Holdings investments that were sold to you by broker Michael Sievert, please contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. 

Sievert is currently an Arkadios Capital broker. Already, he is the subject of two customer disputes involving GPB private placements from his time when he was a Triad Advisors broker. 

Sagepoint Financial Customers Suffer Losses From GPB Funds

If you are an investor who suffered losses after a Sagepoint Financial broker sold you GPB private placements, our investor fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to talk to you. GPB Capital Holdings is accused of running a $1.8B Ponzi scam. Sagepoint Financial is one of more than 60 broker-dealers whose registered representatives sold these investments to their customers.

Sagepoint Financial is part of Advisor Group, a huge network of independent wealth management firms. In August, the broker-dealer and another Advisor Group firm, Royal Alliance, were prominently named by the lead plaintiffs in the first class action securities case against GPB Capital. The firms’ brokers had sold them their investments in the GPB Automotive Portfolio and the GPB Holdings II funds. The plaintiffs, like so many other investors, had sustained substantive losses in the wake of the Ponzi fraud allegations, the suspension of investor redemption, the massive drop in value of all of the GPB Funds, and the other regulatory and civil troubles plaguing the alternative asset firm.

Ex-Securities America Broker Investigated For Ponzi Scam Involvement

The US Securities and Exchange Commission (SEC) announced that it has permanently barred ex-Securities America broker, Ronald Roach, in the wake of his involvement in a $909M Ponzi fraud. 

Ronald Roach pleaded guilty last month to criminal fraud charges and is facing up to 10 years behind bars. According to InvestmentNews, Securities America fired him the day after he entered his plea. The SEC contends that Roach and Joseph Bayliss, a general building and electrical contractor, operated an alternative energy tax credit Ponzi scam associated with the company DC Solar. 

Ex-GPB Capital Partner Accusing Firm Of Running A Ponzi Scam

David Rosenburg, a former GPB business partner, is once more accusing GPB Capital Holdings of committing a “massive securities fraud” when it raised over $1.5B from investors. Rosenberg is a former GPB employee and the ex-CEO of its Prime Automotive Group. 

Two years ago, before going to work for GPB, he sold $235M of his stake in the Prime Automotive Group to the alternative asset firm. GPB Capital fired him in September just weeks after Rosenberg sued the company in Massachusetts Superior Court and accused it of operating a major Ponzi scam. 

Frederick Randhahn, a former Sigma Financial Corporation broker, is suspended by the Financial Industry Regulation Authority (FINRA) for nine months after he allegedly sold $625K of Woodbridge promissory notes to investors without the brokerage firm’s permission and approval to sell these products. 

In a letter of acceptance, waiver and consent, Randhahn agreed to pay a $5K fine and disgorge the almost $32K in commissions plus interest that he made from the sales. However, he did not admit to or deny the self-regulatory authority’s (SRO) findings. 

Randhahn Fired For Selling Unapproved Investments

Our investment fraud lawyers at Sheperd Smith Edwards and Kantas, LLP (SSEK Law Firm) represent a number of investors who have suffered losses from investing in GPB private placements that were sold to them by brokerage firms and their brokers. 

Kalos Capital and Ameriprise Financial (AMP) are of these broker-dealers. Our broker fraud attorneys have filed a brokerage firm misconduct claim against them on our client’s behalf. This is not our first GPB investor fraud claim involving Kalos Capital

GPB Investor Fraud Claim: Kalos Capital, Ameriprise Financial & Ex-Broker Gary Imel Investigated 

Kalos Financial Defends Its Sale Of GPB Private Placements 

In a letter issued to investors on November 4th, Kalos Financial President, Larry Lyons, reported that its due diligence team recently met with senior GPB Capital Holdings executives including CEO, David Gentile. 

The brokerage firm is one of dozens of broker-dealers under fire for selling GPB private placements that were issued by the asset management company, which has since been accused of operating a $1.8B Ponzi fraud. 

SSEK Investigating Ladenburg Thalmann & Triad Advisors Over GPB Capital Investor Claims 

In its quarterly report to the US Securities and Exchange Commission (SEC), Ladenburg Thalmann Financial Services notes that one of its brokerage firms, Triad Advisors, is the subject of six Financial Industry Regulatory Advisory (FINRA) arbitration complaints by customers seeking $1.65M in damages after the firm’s brokers sold them GPB private placements. 

GPB Capital Holdings is accused of operating a $1.8B Ponzi scam. Many investors are claiming massive losses in the wake of the various GPB funds plunging in value, the suspension of investor redemptions, and the regulatory and criminal probes swirling around the alternative asset firm. 

New Class Action Offers Details Into Alleged GPB Ponzi Scam

This week in Austin, Texas, another proposed class securities case was filed on behalf of investors of GPB Capital Holdings and its many funds. This latest investor lawsuit directly accuses the alternative asset firm and its executives of running an alleged $1.8B Ponzi scam and provides new details into the fraud.  

Filed in the US District Court for the Western District of Texas by the lead plaintiff and GPB investor Millicent Barasch, the class action securities fraud case was announced at a press conference. Toni Caiazzo Neff, an ex-Financial Industry Regulatory Authority (FINRA) examiner, spoke about how she’d previously tried to blow the whistle on GPB Capital Holdings. 

Contact Information