The Financial Industry Regulatory Authority (FINRA) has sanctioned David Lerner Associates, Inc., and three of its registered representatives for the unsuitable sale of illiquid, high-commission, proprietary energy securities to its customers, specifically Energy 11, L.P., and Energy Resources 12, L.P. According to FINRA, David Lerner sold nearly $600 million of these securities to over 6,000…
Continue reading ›An elderly couple in their upper 80s filed a FINRA arbitration claim against David Lerner Associates, Inc. (“David Lerner Associates”) to recover losses and damages of up to $1 million. The couple, represented by securities arbitration law firm Iorio Altamirano LLP, alleges that David Lerner Associates recommended an unsuitable investment strategy to invest and concentrate…
Continue reading ›On Tuesday, June 6, 2023, Jeffrey Lash, a former executive of GPB Capital Holdings, pleaded guilty to one count of wire fraud in federal court in Brooklyn, NY. In 2021, a federal grand jury brought criminal charges against Lash, David Gentile (founder and owner of GPB Capital), and a third individual, Jeffry Schneider. The charges…
Continue reading ›Iorio Altamirano LLP, a securities arbitration law firm based in New York, NY, is investigating potential lawsuits and securities arbitration claims against Dempsey Lord Smith, LLC for its sale of L Bonds issued by GWG Holdings, Inc. (GWGH) and limited partnerships created by GPB Capital Holdings, LLC. On March 21, 2022, the Financial Industry Regulatory…
Continue reading ›Iorio Altamirano LLP, a securities arbitration law firm based in New York, NY, is investigating potential lawsuits and securities arbitration claims against National Securities Corporation for its sale of L Bonds issued by GWG Holdings, Inc. (GWGH) and limited partnerships created by GPB Capital Holdings, LLC. On June 23, 2022, the Financial Industry Regulatory Authority…
Continue reading ›**Update: June 17, 2022** The SEC and GPB’s court-appointed monitor have submitted court filings recommending that GPB Capital Holdings LLC be placed in receivership to prevent GPB founder and owner David Gentile from reasserting control over the firm that has been accused of running a Ponzi-like scheme by regulators. Joseph Gardemal, the GPB court-appointed monitor,…
Continue reading ›On April 14, 2022, GPB Automotive Portfolio, LP filed its Form 10-K Annual Report with the United States Securities and Exchange Commission. The filing has raised new concerns for GPB investors as GPB Automotive disclosed that it had commenced a plan to liquidate the Partnerships’ remaining assets and wind up the business, which is not…
Continue reading ›David Gentile, the disgraced founder and former CEO of GPB Capital Holdings LLC, has sued GPB Capital. Mr. Gentile seeks to make GPB Capital, which an independent court-appointed monitor is now overseeing, cover the legal costs for his defense against criminal and civil securities fraud. In February 2021, Mr. Gentile was criminally charged with securities…
Continue reading ›Over the past calendar year, GPB Capital investors have won over $2.4 million in monetary awards in 10 out of 11 (nearly 91%) arbitration claims that have proceeded to a final hearing. According to public records, many other claims filed against broker-dealers who sold the private placements offered by GPB Capital have been settled for…
Continue reading ›Between July 2013 and June 2018, limited partners invested $675 million into GPB Automotive Portfolio, LP, which was sold as a private placement offering by broker-dealers and registered investment advisory firms across the country. Financial advisors, who received large commissions for selling limited partnership units of GPB Automotive, lured investors into this high-risk and illiquid…
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