Legal woes are increasing for at least one broker-dealer that sold GPB Capital Holdings' private placements.
Triad Advisors is facing nine investor lawsuits alleging negligence on behalf of its advisers and representatives for selling the private investments, with potential damages reaching close to $2.3 million, according to a financial statement filed last week with the Securities and Exchange Commission.
That's an increase of three new investor complaints since November, when Triad's former parent company, Ladenburg Thalmann Financial Services, said the B-D had been named in six customer arbitration complaints seeking a total of $1.65 million in damages.
Triad Advisors updated its exposure to the new GPB investor lawsuits as part of its annual audited financial statement, called a Financial and Operational Combined Uniform Single report, or FOCUS report, in industry parlance.
Last month, Advisor Group completed its acquisition of Ladenburg Thalmann and its independent broker-dealer subsidiaries, including Triad Advisors.
A spokesman for Advisor Group, Joseph Kuo, did not comment by deadline.
GPB Capital’s legal problems are mounting quickly, and that could spell bad news for the 60 or so B-Ds that sold $1.5 billion of the firm's private placements. GPB is under investigation by the FBI and the SEC, and it has failed to produce audited financial statements for its funds. Investors don’t know the value of the GPB funds, and thus, of their own investments.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
