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Articles Tagged with Sagepoint Financial

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.

The SEC Has Proposed New Regulations for Fiduciaries on silverlaw.comGPB 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.

Broker Peter Ivan Michael Shusterman (CRD #1460819) is a registered broker and investment advisor currently registered with Sagepoint Financial (CRD #133763) of San Diego, CA. His previous employers include Sentra Securities Corporation (CRD #10249) of Phoenix, AZ, Linsco/Private Ledger Corp. (CRD #6413) of Boston, MA and First Investors Corporation (CRD #305). He has been in the industry since 1986.

How to Report Elder Financial Fraud on elderfinancialfraudattorneys.comShusterman’s most recent customer dispute was filed on 5/9/2018, alleging that Shusterman sold an investment that was not authorized during a liquidation. Based on the firm’s investigation, this claim was denied. Shusterman denied the allegation.

Previously, two customers filed a dispute on 9/5/2014 against Shusterman and Sagepoint alleging “suitability/misrepresentation/breach of fiduciary duty” on their part. The clients requested damages of $500,000, and the firm settled for $260,000. Shusterman denies the allegations, and was not a party to either the mediation or the settlement.

Silver Law Group is investigating former Summit Brokerage Services, Inc. (CRD# 34643) broker Thomas J. Vilord (CRD# 4261608) after FINRA barred Vilord for allegedly selling away and participating in an outside investment.

According to Vilord’s FINRA BrokerCheck report, FINRA permanently barred Vilord for allegedly participating in undisclosed securities transactions involving more than $347,500 in unregistered corporate debenture notes of the company AI sold to customers of his member firm, Sagepoint Financial, Inc. (CRD# 133763). He operated from Vilord Wealth Advisors in Sicklerville, New Jersey.

The findings stated that Vilord assisted these customers in making the investments by preparing transaction paperwork and providing the customers with information about the company issuing the notes, among other things. The state of New Jersey’s securities regulator has also revoked his license.

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