GPB Capital Ponzi Scheme | Recover Your Losses on GPB Capital
GPB Capital investors have received bad news about their investments. GPB and three of their executives are facing criminal fraud charges that alleged that they deceived thousands of investors in what is being called a $1.7 billion Ponzi-like scheme.
GPB raised 1.3 billion dollars by issuing private placement notes. These notes are private placement, or non-traditional, investments that are not registered with the SEC. These inherently risky investments are only suitable for sophisticated investors who understand the risks and can afford to lose their entire investment. Unfortunately, many brokerage firms and financial advisors sold these GPB investments to retirees and unsophisticated investors because they paid such a high commission.
State of New York Files Lawsuit Against GPB Capital
In February 2021, The State of New York has filed a lawsuit against GPB Holdings, David Gentile, Jeffry Schneider, Ascendant Capital, LLC, Ascendant Alternative Strategies, LLC, and Jeffrey Lash. In addition, The Securities and Exchange Commission charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB . The SEC also charged GPB with violating the whistleblower protection laws.
What is GPB Capital?
GPB Holdings was founded by David Gentile in 2013 and headquartered in New York City. The company is a New York based alternative asset management firm that is believed to have raised 1.8 billion dollars in capital for several funds. GPB is under investigation by FINRA, the SEC and the FBI. According to GPB , it raised more than $1.8 billion from investors and reportedly paid out more than $165 million in commissions to brokers and financial advisors that recommended GPB to investors.
Key Moments in the GPB Capital Investigation
- GPB Failed to Produce Audited Financial Statements
- Massachusetts Division of Securities Launches Investigation
- GPB’s Auditor Resigns
- FINRA and SEC Launches Investigation
- State of Massachusetts Files Fraud Complaint
- State of New York Files Lawsuit Against GPB Capital
- SEC Charges GPB Executives with Ponzi Scheme
Recover Your Losses on the GPB Capital Ponzi Scheme with Goodman & Nekvasil, P.A.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in GPB Capital Holdings or any of its offerings and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us at 1-800-500-4442.