Displaying 24 results
Arete Wealth pays out $1.1M in arb claims to start 2024
"We have a handful of open cases against Arete Wealth, and some involve Center Street, as well," says a plaintiff's attorney.
‘Ponzi-like’ private placement mess GPB slides into receivership
GPB's founder was an accountant who couldn't do the firm's accounting.
Finra tags advisor for sales of GPB alternatives
"It’s frustrating to see Finra charging brokers after the nail is in the coffin of [clients'] portfolios," one attorney says.
Finra dings Hightower with $353,000 penalty over alt sales
Both GPB private placements and the LJM mutual fund were widely sold by brokerage firms prior to 2018.
Finra smacked 15 firms over GPB sales in 2022
The regulator's penalties averaged $247,000 per firm, according to an InvestmentNews tally.
Finra smacks Advisor Group with $1.3 million penalty over private placement sales
The four Advisor Group firms sold investors GPB private placements but failed to tell them that GPB hadn't made required filings, including audited financial statements.
What’s behind the phenomenon of advisers behaving badly?
Greed alone doesn’t explain the appalling acts some advisers commit against their clients.
Finra cuffs another broker-dealer over GPB sales
The actions outlined in Finra settlement with Sanctuary predate Sanctuary’s acquisition of David A. Noyes, a company spokesperson notes.
National Securities shuts down after 75 years, reps rolled into B. Riley
B. Riley Financial had purchased a large stake in National Securities Corp.'s parent in 2018 and bought the remaining shares last year.
Finra hits National Securities with $9 million penalty
The regulator sanctioned the broker-dealer for violations related to its marketing of securities it had underwritten and failings related to sales of GPB private placements.
Big GPB fund reports — finally — and posts revenue and income growth
After the partnership missed its deadline to file audited financial statements in 2018 for its two largest private funds, the entire GPB enterprise struggled.
GPB Capital sells another asset, this time land in New Jersey
Net proceeds of the Newark, New Jersey, land deal will benefit investors in one private placement, GPB Cold Storage.
B-Ds flubbed sales of GPB private placements: Finra
Dempsey Lord Smith and BD4RIA were negligent in 2018 when they failed to inform clients that GPB had missed a deadline for filing financial information, according to Finra.
Geneos tagged with $400,000 penalty over alternatives sales
The fine and restitution to customers stem from sales of two alternative investments, the LJM Preservation & Growth Fund and private placements issued by GPB Capital Holdings.
Advisor Group B-Ds face slew of GPB claims
Four Advisor Group broker-dealers recently reported facing 58 investor suits totaling $19.4 million related to the private placement investments.
GPB sells top auto-dealership asset for $880 million
The deal looks like a positive development for confused and cash-starved investors and financial advisers who sold the private placements.
Fed’s GPB investigation puts spotlight on spending
The mention of GPB auditors in a court filing highlights earlier allegations of executives using clients' money for their own personal benefit. Focused on independent broker-dealers, GPB was a leading seller of high-risk private placements in the past decade.
GPB lawsuits pile up against former broker
The lack of a spotlight on individual brokers who sold GPB may be passing, as at least one former adviser, Jeffrey Dixson, has a BrokerCheck profile that is studded with investor complaints involving sales of GPB private placements.
Ex-GPB executive gets 9-month sentence
Former chief compliance officer Michael Cohn was also fined $50,000. A former Securities and Exchange Commission examiner, he was charged in October 2019 with obstruction of justice relating to an SEC investigation of GPB.
GPB broker-dealer shuts down amid fraud charges
Ascendant Alternative Strategies changed its official status with Finra to termination requested. Founders of GPB, David Gentile and Jeff Schneider were arrested and charged with fraud last month by the FBI.
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