Iorio Altamirano LLP is currently investigating former Coastal Equities, Inc. broker Kevin Canterbury who is facing three securities arbitration claims related to recommendations to invest in Direct Participation Program and Limited Partnership interests, believed to be private placement securities issued by GPB Capital. Kevin Canterbury operated his own independent advisory firm, Redstone 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. Canterbury was a broker at Coastal Equities, Inc. from 2012 until 2020. Iorio Altamirano LLP is also investigating the sales practices and due diligence of Coastal Equities, Inc. related to its sale of GPB Capital funds. Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings.
Coastal Equities, Inc. has faced 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 Kevin Todd Canterbury (CRD No. 4939385)
Mr. Canterbury has 15 years of experience and has been associated with three different brokerage firms:
- Coastal Equities, Inc. in Scottsdale, Arizona, from September 2012 to August 2020.
- Mutual Securities, Inc. in Scottsdale, Arizona, from January 2010 to September 2012.
- Northwestern Mutual Investment Services, LLC in Phoenix, Arizona, from June 2005 to December 2009.
Mr. Canterbury is also currently affiliated with CS Planning Corp. and Redstone Capital Management, LLC.
According to this public disclosure report with FIRNA, Mr. Canterbury is the subject of at least four customer disputes:
- Customer Dispute (June 2020): In June 2020, a customer filed a FINRA securities arbitration complaint alleging $300,000 in damages due to unsuitable recommendations by Mr. Canterbury to purchase alternative investments from 2014 to 2016. The dispute is currently pending.
- Customer Dispute (June 2020): In June 2020, a customer filed a securities arbitration claim that alleged that Mr. Canterbury made unsuitable recommendations to purchase alternative investments between 2014 and 2016. The customer is seeking $300,000 in compensation. The dispute has not reached a final resolution.
- Customer Dispute (July 2019): In July 2019, a customer filed a securities arbitration claim that alleged that Mr. Canterbury made unsuitable recommendations to purchase certain securities. The customer is seeking $300,000, and the dispute is still pending.
- Customer Dispute (October 2018): In October 2018, a customer initiated a FINRA securities arbitration, alleging that Mr. Canterbury made unsuitable recommendations of alternative investments purchased in 2013 and 2016. The customer alleged $150,000 in damages. Coastal Equities and Mr. Canterbury settled the matter for $60,000. Canterbury contributed $20,000 to the settlement.
Based on publicly available reports, all four of these disputes appear to be related to recommendations by Mr. Canterbury to invest in the GPB private offerings.
How to Recover Losses or Obtain a Free Consultation
If you have suffered financial losses investing with Mr. Canterbury or Coastal Equities, Inc., or suspect that Mr. Canterbury 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.