GPB Capital Funds

Iorio Altamirano LLP Investigates Kalos Capital, Inc. Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Kalos Capital, Inc. likely received sales compensation for selling the GPB funds to retail investors.

Kalos Capital, Inc. has faced numerous FINRA arbitration complaints from customers seeking to recover investment losses. Current and former Kalos Capital, Inc. brokers may have recommended GPB Capital funds to clients, including:

Joshua Stivers;

Iorio Altamirano LLP Investigates Purshe Kaplan Sterling Investments Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Purshe Kaplan Sterling Investments likely received sales compensation for selling the GPB funds to retail investors.

Former Purshe Kaplan Sterling Investments Compliance Officer Toni Caiazzo Neff is said to have warned the firm about GPB Capital. According to a report on InvestmentNews, the firm’s management went around Caiazzo Neff and decided to sell GPB Capital against her recommendation. Caiazzo Neff reported the situation to FINRA and was subsequently fired by the firm.

Purshe Kaplan Sterling Investments has faced FINRA arbitration complaints from customers seeking to recover investment losses. The following Purshe Kaplan Sterling Investments brokers may have recommended GPB Capital funds to clients:

Iorio Altamirano LLP Investigates SagePoint Financial, Inc. Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer SagePoint Financial, Inc. likely received sales compensation for selling the GPB funds to retail investors.

SagePoint Financial, Inc. has faced numerous FINRA arbitration complaints from customers seeking to recover investment losses. The following SagePoint Financial, Inc. brokers may have recommended GPB Capital funds to clients:

Daniel Dillard; and

Iorio Altamirano LLP Investigates Money Concepts Capital Corp Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Money Concepts Capital Corp likely received sales compensation for selling the GPB funds to retail investors.

Money Concepts Capital Corp has faced FINRA arbitration complaints from customers seeking to recover investment losses. The following Money Concepts Capital Corp brokers may have recommended GPB Capital funds to clients:

Christopher John Passero;

Iorio Altamirano LLP Investigates Silber Bennett Financial, Inc. Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Silber Bennett Financial, Inc. likely received sales compensation for selling the GPB funds to retail investors.

Silber Bennett Financial, Inc. is no longer registered with FINRA. The firm’s founder, Jamie Bennett, is currently serving a 2-year suspension from the securities industry through February 15, 2023. While registered with Silber Bennett Financial, Bennett served in a variety of capacities, including Director, Chief Executive Officer, and Chief Financial Officer. Bennett also acted as his firm’s Chief Compliance Officer and Anti-Money Laundering Compliance Officer from June 2017 to March 2019. Accordingly, he would have been tasked with performing due diligence on the GPB funds. If you lost money in GPB funds with Silber Bennett Financial, Inc., you may have a claim.

The SEC has charged GPB Capital, 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.

Iorio Altamirano LLP Investigates Uhlmann Price Securities, LLC Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Uhlmann Price Securities, LLC likely received sales compensation for selling the GPB funds to retail investors.

Former Uhlmann Price Securities, LLC broker John James Hoidas may have recommended GPB Capital funds to clients. If you lost money in GPB funds with Uhlmann Price Securities, LLC, you may have a claim.

The SEC has charged GPB Capital, 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.

Iorio Altamirano LLP Investigates Woodbury Financial Services, Inc. Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Woodbury Financial Services, Inc. likely received sales compensation for selling the GPB funds to retail investors.

Woodbury Financial Services, Inc. broker Daryl Tomobu Serizawa may have recommended GPB Capital funds to clients. If you lost money in GPB funds with Woodbury Financial Services, Inc., you may have a claim.

The SEC has charged GPB Capital, 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.

Iorio Altamirano LLP Investigates Newbridge Securities Corporation Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Newbridge Securities Corporation likely received sales compensation for selling the GPB funds to retail investors.

The following Newbridge Securities Corporation brokers may have recommended GPB Capital funds to clients:

Scott Stanley Brooks; and

Iorio Altamirano LLP Investigates Whitehall-Parker Securities, Inc. Over GPB Funds

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Whitehall-Parker Securities, Inc. likely received sales compensation for selling the GPB funds to retail investors.

Former Whitehall-Parker Securities, Inc. broker James Marten Lamont may have recommended GPB Capital funds to clients. Lamont’s CRD shows one customer complaint related to investments in limited partnerships, believed to be the GPB funds. The customers alleged that Lamont’s investment strategy included “recommending large concentrations in illiquid, speculative, low-quality, high commission alternative investments which resulted in losses to them.” The matter settled in April 2020 for $390,000.

Lamont’s FINRA registration was revoked on March 13, 2020, for failure to pay fines and/or costs. If you lost money in GPB funds with Whitehall-Parker Securities, Inc., you may have a claim.

Investigation: Former MML Investor Services, LLC Broker, Oscar Francis, Reportedly Recommended GPB Capital Holdings to Customers – Fort Lauderdale, Florida

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, 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. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction. In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000. Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients. In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds. It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.