Iorio Altamirano LLP is currently investigating former Axiom Capital Management, Inc. broker Michael Packman, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Mr. Packman was a broker at Axiom Capital Management, Inc. in Westbury, New York, from May 2015 to March 2018. Before he joined Axiom Capital Management, Inc. in 2018, he was associated with several disreputable brokerage firms, including Financial West Group and Continental Broker-Dealer Corp., both of which were expelled from the industry by FINRA.
Iorio Altamirano LLP is also investigating the sales practices and due diligence of Axiom Capital Management, Inc. related to its sale of GPB Capital funds. It is believed, according to reports, that Axiom Capital Management, Inc. has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who can navigate the arbitration process and effectively advocate on their behalf.
Iorio Altamirano LLP is a securities arbitration law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.
If you have suffered financial losses as a result of any of the following GPB private placement offerings, contact Iorio Altamirano LLP for a free and confidential review of your legal rights:
- GPB Automotive Portfolio, LP
- GPB Cold Storage LP
- GPB Holdings, LP
- GPB Holdings II, LP
- GPB Holdings III, LP
- GPB Holdings Qualified, LP
- GPB NYC Development, LP
- GPB Waste Management Fund, LP
Financial Advisor Michael Packman (CRD No. 2518120)
Mr. Packman, who is not currently registered with any brokerage firm, had 23 years of experience in the securities industry and had associations with the following broker-dealers:
- Axiom Capital Management, Inc. in Westbury, New York, from May 2015 to March 2018.
- Financial West Group in Syosset, New York, from March 2014 to June 2015 (Expelled by FINRA).
- P. Turner & Company, L.L.C. in Syosset, New York, from August 2008 to March 2014.
- Financial Network Investment Corporation in Syosset, New York, from May 2006 to August 2008.
- Gunnallen Financial, Inc. in Syosset, New York, from May 2003 to May 2006.
- Continental Broker-Dealer Corp. in Carle Place, New York, from August 1994 to June 2003 (Expelled by FINRA)
According to Mr. Packman’s public disclosure report with FIRNA, Axiom Capital Management and Mr. Packman have paid over $1 million to settle four customer disputes:
- Customer Dispute (June 2019): In June 2019, a customer filed a securities arbitration complaint alleging that Mr. Packman and Axiom Capital Management recommended a private placement investment that was not suitable. The customer alleged $3.5 million in damages. Axiom Capital Management and Mr. Packman settled the matter for $603,477. Packman contributed $78,452.01 to the settlement.
- Customer Dispute (January 2019): In January 2019, a customer filed a securities arbitration complaint alleging that Mr. Packman and Axiom Capital Management recommended a private placement investment that was not suitable. The customer alleged $2 million in damages. Axiom Capital Management settled the matter for $371,524.
- Customer Dispute (August 2019): In August 2019, a customer filed a FINRA arbitration complaint alleging $75,000 in damages. The customer alleged that Mr. Packman and Axiom Capital Management recommended a private placement investment that was not suitable. Axiom Capital Management settled the matter for $24,500.
- Customer Dispute (January 2020): In January 2020, a customer filed a securities arbitration complaint alleging that Mr. Packman and Axiom Capital Management recommended a private placement investment that was not suitable. The customer alleged nearly $100,000 in damages. Axiom Capital Management and Mr. Packman settled the matter for $24,999. Packman contributed $3,249.87 to the settlement.
How to Recover Losses or Obtain a Free Consultation
If you have suffered financial losses investing with Mr. Packman or Axiom Capital Management, Inc., or suspect that Mr. Packman did not have your best interest in mind when recommending an investment, such as one of the GPB Capital notes, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.