Silver Law Group recently wrote that it was investigating L Bonds offered by GWG Holdings, following GWG’s temporary suspension of sales of L Bonds. In March 2021, GWG notified the Securities and Exchange Commission (SEC) that it could not timely file its Forms 10-K and 10-Q, which are annual and quarterly financial reports and company disclosures. GWG said it needed additional time to complete these financial statements and related disclosures. This prompted a deficiency letter from Nasdaq in April 2021. Continue reading ›
David Karandos (David Michael Karandos CRD# 1934119), a previously-registered broker and investment adviser who last worked for Dinosaur Financial Group, LLC in Indianapolis, Indiana, is the subject of multiple customer disputes. Before working for Dinosaur Financial Group, Karandos worked for Morgan Stanley Smith Barney and UBS Financial Services. Continue reading ›
Did you invest in the YieldStreet? Silver Law Group, a nationally-recognized class action and investment fraud law firm, is investigating claims on behalf of YieldStreet investors after an oil and gas deal and five marine loan investments that have not returned principal or paid interest by YieldStreet’s due dates.
YieldStreet Inc. is an online investment platform that markets its alternative investments as exclusive deals that are typically reserved for big investors. YieldStreet investors buy into “notes” that are designed to make scheduled cash distributions. These notes are loans, backed by a wide range of assets, including ships, legal settlements and even artwork. To date, YieldStreet has raised more than $1 billion from retail investors for these alternative investments. Continue reading ›
Hugh Barndollar (Hugh Ordway Barndollar III CRD #3027317, aka “Hobby Bardollar) is a registered broker and investment advisor currently employed by Crown Capital Securities, L.P. (CRD#: 6312) of Land O’Lakes, FL. His previous employers include Newport Coast Securities, Inc. (CRD# 16944, expelled by FINRA, 6/25/2018) of Odessa, FL, J.P. Turner & Company, L.L.C. (CRD# 43177) of New Port Richey, FL, and Calton & Associates, INC. (CRD# 20999) of Ocala, FL. He has been in the industry since 1998. Continue reading ›
Did you invest in the YieldStreet Vessel Deconstruction I SPV?
Silver Law Group, a nationally-recognized class action and investment fraud law firm, is investigating YieldStreet after over 30 investors signed a letter to the fintech firm asking for more information on why their investments have not paid them as they had expected.
YieldStreet is a crowdfunding platform that offers and promotes individuals access to asset-backed alternative investments in areas such as marine finance, art, litigation funding, and real estate, which are typically only available to large institutions. These alternative investments can offer diversification and have low market correlation. Continue reading ›
On Thursday, November 7, 2019, Scott Silver, managing partner of Silver Law Group, and Jay Berkowitz, CEO and founder of marketing agency Ten Golden Rules, delivered a presentation to members of the South Florida Interactive Marketers Association (SFIMA).
Founded in 2004, SFIMA is an all-volunteer organization that promotes education, networking, and professional growth opportunities for marketers in southeast Florida. SFIMA holds monthly educational and networking events with an industry speaker. Continue reading ›
GPB Capital raised over 1.5 billion dollars primarily from mom and pop investors over the last four years. How was GPB they able to raise this money? By paying small and regional brokerage firms over nine (9) percent of the money raised back to the selling broker-dealers.
Last week, GPB announced that many of their funds are down 40% or more in value. In hopes of offering their clients some solace, GPB highlighted that it had already made distributions to investors of about 15% of the investors’ capital. However, many investors were shocked to learn that these distributions were not from earnings or profits but an actual return of the money they had previously invested. In other words, GPB wants to be applauded for returning to investors at least some of their money. Continue reading ›
Silver Law Group is investigating Wellington, Florida based company Winfield Capital Partners, LP and its principals, Richard W. Hartnett and Taryn E. Hartnett.
Winfield Capital Partners and Winfield Capital GP
Winfield Capital Partners is an investment fund managed by Winfield Capital GP LLC. Winfield Capital Partners began soliciting investors in or around 2016 after it filed a Form D with the Securities and Exchange Commission (SEC). According to Winfield Capital Partners’ filed Form D, the fund sought to raise approximately $55 million in investor funds. Continue reading ›
Silver Law Group is investigating brokerage firms that sold GPB Capital Holdings private placements. Notable brokerage firms that sold the GPB Capital Holdings investments include Sagepoint Financial, Inc.; Woodbury Financial Services, Inc.; Royal Alliance Associates Inc.; National Securities Corporation; and FSC Securities Corp.
Approximately 63 Brokerage Firms Sold GPB Capital Holdings Investments to Customers
In September 2018, William Galvin, Massachusetts Secretary of the Commonwealth, announced that his office was investigating 63 brokers that sold GPB Capital Holdings investments after receiving a tip from an independent firm. Due to other troubles concerning GPB Capital Holdings and its private placements, our firm is investigating claims against these brokerage firms.
After the state of Massachusetts began an investigation into 63 brokers selling private placements into GPB after the company stopped selling them, The SEC and FINRA have followed suit. Both agencies have launched their own investigations into the company and its practices.
GPB announced in August that they would cease finding new investment money in order to focus on compliance and straightening out their accounting and financial statements for their two biggest funds. The SEC is, according to one executive, interested in seeing how accurate GPB’s disclosures are that were given to investors. The SEC also wants to review fund performances and distribution of the company’s capital to their investors, as well as broker-dealers who sold these private placements to investors.
Launched in 2013, GPB Capital became one of the fastest growing private placement firms selling shares of their funds through independent broker-dealers. Promoting themselves as offerors of alternative investment assets, New York-based GPB uses the business model of “acquiring income-producing private companies,” primarily auto dealerships. The company has raised $1.8 billion of investor funds.