Articles Tagged with GPB Ponzi Fraud

Sagepoint Financial Customers Suffer Losses from GPB Private Placements and Funds

If you are an investor who suffered losses after a Sagepoint Financial broker sold you GPB private placements, our securities 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.

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. 

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. 

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