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HOUSTON, March 06, 2019 (GLOBE NEWSWIRE) -- Lawyers with the law firm Shepherd Smith Edwards & Kantas, LLP are investigating claims related to GPB Capital Holdings. GPB Capital Holdings is an investment firm offering a handful of investments to the public, which have raised roughly $1.8 billion in funds, which has drawn increasing scrutiny. In August, GPB announced it was no longer offering shares in two of its largest funds due to accounting problems. In September, the Secretary of State of Massachusetts announced a “sweeping investigation” into GPB and 63 brokerage firms selling its investments. In December, it was reported that that attorneys for both the Securities and Exchange Commission and the Financial Industry Regulatory Authority were investigating GPB capital.
Most recently, the Federal Bureau of Investigation made an “unannounced visit” to GPB’s New York offices. These numerous red flags indicate that there may be substantial problems with GPB investments. GPB has offered several different funds for investment by the public, including:
According to public filings submitted to the SEC, there were approximately eighty broker-dealers across the country who sold, or were at least authorized to sell, these investments for GPB, including Aegis Capital Corp., D.H. Hill Securities, Purshe Kaplan Sterling Investments, Sagepoint Financial, Inc., Woodbury Financial Services, Inc., and many others.
These firms have an obligation both to conduct due diligence into investments they are offering to their customers, as well as to ensure that any investment recommendations they make to their clients are suitable and appropriate for the client. These types of investments are typically high-risk investments not appropriate for many retail clients, even before adding in the concerns about the legitimacy of GPB Capital Holdings and its funds.
If you were sold any of these investments, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for a free, confidential evaluation of your account. We have a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law.
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