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NEW YORK, Aug. 20, 2019 (GLOBE NEWSWIRE) -- The first class action lawsuit has been filed against GPB Capital Holdings, LLC, the GPB Capital funds, and the officers and control persons of GPB Capital in federal court in the Southern District of New York. The two lead Plaintiffs in the lawsuit, Karen Loch and Victor Wade, invested in GPB through their brokerage firms – Royal Alliance Associates and Sagepoint Financial, respectively – which are both subsidiaries of Advisor Group, Inc. Ms. Loch, from Georgia, invested $75,000 in GPB Automotive and Mr. Wade, from Texas, invested $50,000 in GPB Holdings II. Through this lawsuit, GPB investors seek to compel GPB and its principals – David Gentile (CEO), Roger Anscher (COO), William Jacoby (CFO) – to “provide audited financial statements regarding the Funds”, which GPB agreed to do on an annual basis through their agreements with investors and is required to do under SEC rules. To date, GPB has neglected to provide audited financial statements since 2017.
Shepherd, Smith, Edwards & Kantas, LLP (“SSEK Law Firm”) has been investigating GPB Capital since 2018 when it was first reported that GPB Capital had missed important filing deadlines with the SEC. Unfortunately for GPB investors, new reports of GPB’s failings are constantly surfacing. Just over the past few months, two new significant developments have been reported: 1) GPB finally confirmed that investors in its funds had lost between 25% and 73% of their money, with the two largest funds losing 39% (GPB Automotive Portfolio) and 25.4% (GPB Holdings II), and 2) Former partner of GPB, David Rosenberg, filed a complaint accusing the firm of operating “a very complicated and manipulative Ponzi scheme.”
If you are a GPB investor or know someone who invested in any GPB-related funds and suffered losses, please contact SSEK Law Firm today for a free, confidential evaluation of your investments and legal options. We have a team of attorneys, consultants, and staff with over 100 years of combined experience in the securities industry and in securities law that are ready to assist you in recovering your investment losses today.
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