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Articles Posted in Private Placements

Triad Advisors Sued Over GPB Private Placement Sales

In our latest GPB investor fraud claim against a brokerage firm, Shepherd Smith Edwards and Kantas, (SSEK Law Firm) is seeking up to $500K from Triad Advisors on behalf of a retired Texas couple. The claimants, who are in their seventies, entrusted a significant chunk of their savings to Triad brokers Jack Jones and Mark Robare, whom they are accusing of overconcentrating their money in GPB private placements and other unsuitable investments. The couple contend that they lost half a million dollars as a result.

GPB Capital Holdings, an alternative asset firm that issued the private placements, is accused of operating a $1.5B Ponzi scam. Now, the 60 brokerage firms whose registered financial representatives sold these investments are finding themselves the subject of broker fraud claims from investors seeking to recover their money.

Ex-Commonwealth Capital Broker Was Accused Of Misusing Investors’ Money 

If you or someone you know lost money while working with former Commonwealth Capital broker, Kimberly Springsteen-Abbott, please contact our stockbroker fraud lawyers at Shepherd Smith Edwards and Kantas so we can determine whether you have grounds for a claim. 

In 2013, Springsteen-Abbott was accused by the Financial Industry Regulatory Authority (FINRA) of misusing about $345K of investor funds to pay for her own expenses. These included home renovations, meals, travel, and other items. 

Ex-NYLIFE Securities Broker Accused Of Selling Investments In Mass Ponzi Scam 

If you suffered losses after former NYLIFE Securities broker, Kari Bracy, also known as Kari Falwell, or any other registered representative persuaded you to invest in Future Income Payments, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today. 

Our stockbroker securities law firm has been looking into claims involving Future Income Payments, LLC. By the time the company stopped doing business in 2018, over 2600 investors were owed more than $300M. The firm has since been accused of running a Ponzi scam. 

Texas-Based Broker Sold GPB Private Placements To Retiree Couple 

Once again, Shepherd Smith Edwards and Kantas (SSEK Law Firm) has filed an investor fraud claim against a broker-dealer after its financial advisor sold investments in GPB Capital Holding’s funds to customers. 

This time, the brokerage firm is International Assets Advisory (IAA), LLC and the broker involved is Williams Keen Butcher who is based in Houston. 

Another Kalos Capital Broker Sold GPB Investments To Investors

Once again, our GPB investment lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have filed an investor fraud lawsuit against Kalos Capital and one of its brokers, Kristian Finfrock. 

In this latest broker fraud case, the Claimants are a retired couple who contend that Kalos Capital broker and investment advisor, Kristian Finfrock, pushed them into placing $750K of their life savings into alternative investments including non-traded real estate investment trusts (Non-traded REITs), annuity contracts, and GPB Capital private placements. 

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.

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. 

GPB Capital News: Michael Cohn Facing Obstruction Charges 

The US Department of Justice (DOJ) has filed criminal charges against Michael Cohn, the Chief Compliance Officer and Managing Director of GPB Capital Holdings. Cohn is a former US Securities and Exchange Commission (SEC) examiner. 

The obstruction of justice charge is related to the regulator’s probe into the alternative asset firm, which is accused of operating a $1.5B Ponzi scam. Now, Cohn is accused of stealing information from the Commission before leaving the regulator last October to start his employment at GPB Holdings

GPB Capital Sales: SSEK Files Investor Fraud Lawsuit Against Money Concepts Capital

Two investors in Alabama are pursuing a Financial Industry Regulatory Authority (FINRA) claim against Money Concepts Capital Corp. These investors sustained losses after one of the independent brokerage firm’s longtime registered representatives recommended that they purchase GPB Capital private placements. 

Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) is representing both claimants in their investor fraud claim. 

After more than two years without disclosing any audited financial statements to investors or regulators, GPB Capital Holdings has once again missed the deadline for providing a required update to shareholders. This time, the lapsed due date was one it had set for itself. This is just the latest bad news headline plaguing the beleaguered alternative asset firm, which is accused of running a $1.5B Ponzi scam. It is also facing a slew of investor claims for losses sustained after its GPB private placements funds saw a huge drop in value, in some cases by more than 73%.

Once boasting $1.8B in assets involving auto dealerships and waste management, the private placement issuer is now under investigation by the Federal Bureau of Investigation (FBI), the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and multiple state regulators. Two of its former business partners are accusing the company of operating like a Ponzi fraud.

Prime Automotive Group CEO Fired After Suing GPB Capital

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