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Articles Tagged with GPB Automotive Portfolio

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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.

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WFG-Investments-Broker-Carl-Busch-Fined-and-Suspended-by-FINRA-300x200Massachusetts is investigating allegations that 63 broker-dealer firms may still be selling private placements in GPB Capital Holdings LLC after the firm temporarily stopped raising funds.

The head of the Massachusetts Securities Division, William Galvin, received a tip from an independent firm, and began investigating GPB’s sales practices. His office has requested documentation relating to sales activity in the state, marketing materials provided to investors and information related to investor suitability.

GPB recently stated it is suspending their efforts to raise new capital to take care of overdue accounting and financial reporting of two of its biggest funds, GPB Holdings II and GPB Automotive Portfolio. These two funds have raised a combined $1.3 billion in investor capital, and became eligible to release financial information to the public over a year ago. They are now required to report to the Securities and Exchange Commission, but missed the April 30th deadline.

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