Articles Tagged with GPB capital

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 related to the over $1.8B Ponzi scam that GPB is accused of perpetuating, wants his legal defense fees paid for and not out of his own pocket.

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 and general partner. 

Gentile, ex-managing partner Jeffrey Lash, and Ascendant Capital owner Jeffry Schneider are accused of operating an over $1.7B Ponzi scheme that defrauded more than 17,000 investors. The three men are also facing criminal charges.

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 Capital Holdings, of financial misconduct. 

The alternative asset firm is under investigation over allegations that it ran an over $1.5B Ponzi scam that defrauded thousands of investors. Its many GPB funds have dropped significantly in value and investor redemptions were suspended more than two years ago. 

Watsonville, CA Financial Advisor is Also Barroga & Associates President

If you are an investor who has suffered significant losses while working with Crown Capital Securities broker, Kenneth James Barroga, our California securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) want to talk to you. 

Barroga, who also is the head of Barroga & Associates out of Watsonville, CA,  may have sold GPB private placements to customers. He is both a registered stockbroker and investment advisor. 

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 as federal crimes and included obstruction of justice, unauthorized disclosure of confidential information, and unauthorized computer access.

Alternative Asset Firm Gets Federal Aid While Its Investors Fight To Recover Their Losses

Even as the US Securities Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the FBI, state regulators and others have continued to investigate GPB Capital Holdings over allegations that it ran an up to $1.8B Ponzi scam, the alternative asset firm and its affiliated companies were able to secure between $3M and $7M in Paycheck Protection Program (PPP) loans following the outbreak of COVID-19. 

News of the loans was disclosed by the Small Business Administration.  GPB is one of over 660,000 small businesses that received loans under the PPP program, which is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act.

GPB Capital Notifies Automotive Portfolio Investors About Schedule K-1 Delay 

Beleaguered alternative asset firm, GPB Capital Holdings, has notified investors of its GPB Automotive Portfolio fund that it won’t be delivering key tax documents to them in time for this year’s April 15th tax deadline. 

The GPB Automotive Portfolio is one of the company’s largest funds, having raised $622.1M alone for more than 6,500 investors. Many of whom have suffered huge losses after the fund’s private placements dropped in value by 39%. 

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. 

Kalos Capital Broker Sold GPB Private Placements and LIETFs 

Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) is investigating customer complaints involving Darren Michael Kubiak, a Kalos Capital broker who is currently suspended from the industry for three months. Kubiak is one of the Kalos representatives who sold GPB Capital Holdings private placements to investors. GPB is accused of operating a $1.8B Ponzi scam. 

Kubiak Suspended By FINRA 

GPB Capital Fraud Victim To Have Case Heard By FINRA 

An investor who lost significant sums after she was sold GPB Capital private placements by an Arkadios Capital broker will get her case heard before a Financial Industry Regulatory Authority arbitration (FINRA) panel in April 2020. 

This will likely be the first broker fraud complaint involving GPB investments to go before the self-regulatory organization’s (SRO’s) arbitrators. 

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