Iorio Altamirano LLP, a leading securities arbitration law firm, has filed a case through the Financial Industry Regulatory Authority (FINRA) against American Capital Partners.
The claim, which Iorio Altamirano LLP filed on behalf of an investor in the GPB Automotive Portfolio, LP fund, seeks to recover investment losses as a result of the investment advisor’s recommendation to invest in GPB Capital.
GPB Capital sold unregistered and high commission limited partnership interests in a total of eight alternative-asset investment funds. The GPB Funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB Funds to their retail investors. There are serious concerns that broker-dealers may have failed to conduct reasonable due diligence about the GPB Funds and GPB Capital.
Iorio Altamirano LLP is a securities arbitration law firm that is actively representing investors in the GPB Funds, including the GPB Automotive Portfolio, LP fund.
GPB Automotive Portfolio, LP and the GPB Funds
GPB Capital had four flagship funds, one of which was the GPB Automotive Portfolio, LP.
GPB Automotive’s regulatory filings from May 2021 disclosed that there was substantial doubt that the business would survive.
In July 2021, GPB Automotive disclosed that it was able to obtain a financing agreement with M&T Bank but that it only had sufficient liquidity to meet its financial obligations through July 21, 2022.
In September 2021, according to SEC filings, GPB Automotive Portfolio LP entered into an agreement to sell Prime Automotive for $880 million, consisting of 30 car dealerships and three collision centers located in the Northeast of the United States. Once the sale is complete, GPB Automotive Portfolio will own no car dealerships outright.
In light of the recent news, the future of GPB Automotive Portfolio, LP remains uncertain. Investors of GPB Automotive Portfolio LP are encouraged to act now and contact our securities arbitration law firm for a free consultation and review of their legal rights.
Investors who purchased any of the following private placement investments issued by GPB Capital should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights:
- GPB Holdings, LP / GPB Holdings Qualified, LP.
- GPB Automotive Portfolio, LP.
- GPB Holdings II, LP.
- GPB Waste Management, LP.
The SEC has charged GPB Capital and related entities, Ascendant Capital and Ascendant Alternative Strategies, with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.
How to Recover GBP Investment Losses
If you were an investor in the GPB funds, contact securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com, or toll-free at (855) 430-4010 for a free and confidential consultation and review of your legal rights.
We have nearly 20 years of combined experience as securities arbitration lawyers and have helped investors recover investment losses in over 1,000 cases. Our firm will file a FINRA securities arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.
About Iorio Altamirano LLP
Iorio Altamirano LLP is a national securities litigation law firm based in New York, NY. The law firm pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.