Ex-Concorde Investment Services Broker Allegedly Made Negligent Recommendations
Robert Scott Smith, the President of Peregrine Private Capital in Newberg, Oregon, and a former Concorde Investment Services, is named in multiple Financial Industry Regulatory Authority (FINRA) arbitration claims by former customers that invested in GPB private placement funds at his recommendation.
GPB Capital Holdings is accused of running a $1.8B Ponzi scam. Smith is one of a number of Concorde Investment Services brokers who sold this alternative asset firm’s private placements to customers.
Robert Smith left Concorde Investment Services earlier this year. He is now an Emerson Equity stockbroker.
At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our GPB investment fraud attorneys are speaking with current and ex-customers of Robert Scott Smith and other Concorde Investment Services brokers over losses sustained in any of the many GPB private placement funds. Contact us today.
Investors Say They Were Misled About GPB Private Placement Funds by Peregrine Private Capital Broker
According to Robert Smith’s BrokerCheck record, there are eight customer disputes naming him, at least three of which involve GPB investment losses including:
- 1/2020: The claimant is requesting $200K in damages related to having invested in GPB Automotive Portfolio, LP, which is GPB Capital Holding’s second-largest private placement fund. Allegations in this securities arbitration case include negligence, misrepresentation, unsuitability, breach of fiduciary duty, vicarious liability, and violations of a FINRA rule related to commissions and markups, as well as the Nebraska Securities Act. Brokers and their broker-dealers that sold GPB investments have earned over $165M in commissions and fees, even as thousands of these private placements’ investors have suffered huge losses.
- 1/2020: This GPB investor fraud case is seeking $647,500 in damages and makes similar allegations. The claimant invested in various GPB funds between 2015 and 2018.
- 2/2019: This customer received a $90K settlement over losses sustained in GPB Automotive and VII Peaks, which appears to be a business development company. In addition to unsuitability, fraud, and negligence, the claimant also alleged failure to supervise.
- 7/2019: The claimant in this GPB Automotive fraud claim received a $280K settlement.
The most recent customer dispute involving the Peregrine Private Capital broker was filed in April. The claimant had also filed a private placement claim, although BrokerCheck doesn’t state whether it involved GPB investments, specifically. The FINRA arbitration case was settled for $265K.
An earlier customer dispute naming Smith in 2013 alleging unsuitability, breach of fiduciary duty, and unsuitability was settled for $27K. Two earlier claims from 2011 and 2010 were closed due to a lack of action.
Robert Smith has worked 33 years in the industry. Other firms that he used to be registered with include Pacific West Securities, Brookstreet Securities, Toluca Pacific Securities, AllAmerica Investments, AG Edwards and Sons, and Merrill Lynch Pierce Fenner and Smith.
GPB Investment Fraud Claims
SSEK Law Firm represents investors nationwide against the many broker-dealers and their registered representatives that marketed and sold GPB investments to customers. Many of these brokers also run their own firms locally so you may know them by that affiliation. For example, investors in the Portland, Oregon area may know Robert Smith through Peregrine Private Capital.
Some of the broker-dealers that our savvy investment fraud attorneys have filed GPB private placement fraud claims against on behalf of our clients include Kalos Capital, Ameriprise, International Assets Advisory, and others.
Unfortunately, many brokerage firms and their registered representatives failed to conduct the proper due diligence into these investments and were lured by the high commissions and fees offered. As a result, thousands of investors have been left with GPB private placements that are likely worthless and are grappling with huge losses.
Contact our GPB investment fraud lawyers at SSEK Law Firm today to request your free, no-obligation case consultation.