271 Cadman Plaza East Left unexplained in the Form ADV is how Health Prime, a GPB Capital portfolio company, is now owned by Mike Frosts Austin Lake Technologies. Therefore, we ask if GPB Capitals inner circle (Gentile and Schneider) would fully disclose everything to Highline. For those investors relying upon a financial advisor that owed a fiduciary duty, the applicable standard is higher, as they are required to put the clients interests ahead of their own at all times. Proposed material corporate transactions by GPB and Highline Management, which oversees the alternative asset firm's business affairs; Any credit extension not in line with regular business; Key business strategy changes, as well as compensation modifications involving a GPB executive, affiliate, or party related to Highline Management or GPB; In other words, innocent people would have to surrender their distributions, even if they have to dig deep to do so because it was money they lived on. Attorney General James seeks restitution for investors of more than $700 million defrauded, as . Some of the information in this new brochure is astonishing. Investors that are worried about investing in a Ponzi scheme should consult a third-party investment lawyer. If we rely upon the June 2020 ADV number of $238,637,198, GPB Capital Holdings incurred a mind-blowing ~$861 million loss in one year. This has serious implications. GPB Capital Holdings was founded by David Gentile in 2013 and is headquartered in New York City. Investors have seen GPB raided by the FBI, investigations by FINRA, Ponzi scheme allegations, and many more allegations raise serious concerns. David Gentile Sues Shareholders for $755,038.00 In Professional Fees On December 20, 2021, David Gentile filed a complaint in Delaware Chancery Court against GPB Capital Holdings as well as several related entities, including GPB Automotive Portfolio, GPB Waste Management and GPB Cold Storage. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. The loss was never explained by GPB Capital Holdings in any way. The business of GPB Capital was to manage the GPB Funds, which raised and invested capital in a portfolio of private equity investments. The popular GPB holdings investments were the GPB Automotive Portfolio, GPB Holdings ii, and GPB Waste Management. GPBs Prime Automotive Group is headed by CEO Tom Skelton who spent 24 years at AutoNation. Page 1 of 1. Browse our inventory of new and used HIGHLINE XL-W5 For Sale near you at MarketBook.ca.

"url": "https://investmentfraudlawyers.com/investment-loss-recovery-group-investigates-gpb-capital-holdings-claims/",

Petersburg, and Washington, D.C. On the other hand, GPB may have created a convenient Catch-22 for itself when it writes, GPB policy requires the use of a valuation provider to support its Valuation Committee in determining appropriate valuation and assets under management. This policy requirement, along with GPBs inability to do something as simple as hiring a third-party Valuation Service Provider during 2019, allows GPB to refrain from stating a real value of its holdings. Skelton replaced Prime Automotives Interim CEO Kevin Westfall, another AutoNation alumnus. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. GPB is under investigation by the Financial Regulatory Authority (FINRA), the United States Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and several states and/or local regulatory agenci" }} ,

In September 2018, a former compliance officer at one of the 63 broker-dealer firms selling GPB investment funds to public investors filed a federal lawsuit alleging that her broker-dealer (Purshe Kaplan Sterling Investments) sold GPB holdings investments despite serious red flags. Enter your email address to follow this blog and receive notifications of new posts by email. For example, GPB admits it is not fully in compliance with the reporting requirements of the 1934 Securities Exchange Act; the 1940 Act; and Sarbanes-Oxley. The SEC mandated the use of RAUM in Form ADV in 2012. GPB CAPITAL HOLDINGS, LLC CRD No. Jefferies LLC acted as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisor to Highline Management Inc., and Akerman LLP acted as legal adviser to Prime Automotive Group in connection with the Transaction. As alleged, by paying investors from an undisclosed and improper source such as investor capital, the defendants repeatedly misled investors about the health and performance of their investments, stated Acting United States Attorney DuCharme. The financial advisors making recommendations to investors to continue to hold their GPB investments have no additional information to answer these questions. ",
GPB Capital SEC Monitor Update as of November 2021 In November 2021, the Court-appointed monitor submitted its quarterly report. See auction date, current bid, equipment specs, and seller information for each lot. Armada Waste Management: 2Q 2019 Fair Market Value is $33.3 million, or 20.5% of the Net Capital Contributions, a decline from 4Q 2018 Fair Market Value of $53.4 million, or 32.7% of the Net Capital Contributions. The company is a New York-based alternative asset management firm that is believed to have raised 1.8 billion dollars in capital for several funds. Attorney Michael Emanuel is the new General Counsel and Chief Compliance Officer for GPB Capital Holdings. ) or https:// means youve safely connected to the .gov website. Our research shows a Highline Management, Inc. as being a Delaware corporation. Jeffry Schneiders Ascendant Capital website has been disabled and is non-operational at this writing. Financial advisors and brokers recommending GPB investments to clients also had a duty to continue to monitor these investments as the information above has come to light. We Represent GPB Investors Has your firm actually filed GPB cases? Eventually, Gentile sought to fully integrate and take control of Ascendant Capitals broker-dealer activity, and registered his own broker-dealer. Scientologist David Gentile purchased, or bought controlling interest in, several companies owned by his fellow Scientologists. hb``` "ABsCFH*A(331cXkX!Y[4#0 8+CU }, GPB-Capital-Holdings-Brochure-Form2A, Categories: The Scientology Money Project, Tagged as: ADV, Ascendant Alternative Strategies, Ascendant Capital, David Gentile, Evan Myrianthopoulos, GPB Capital Holdings, Highline Management, jeffry schneider, Jovan Sijan, L. Ron Hubbard, Mark Martino, Michael Cohn, Michael Emanuel, Robert Chmiel, Stroock. GPB Capital Founder and CEO Among Three Individuals Indicted in Private Equity Investment Fraud Thursday, February 4, 2021 For Immediate Release U.S. Attorney's Office, Eastern District of New York The Defendants Allegedly Misrepresented GPB's Performance and Paid Distributions with Investor Funds NEW YORK, Nov. 18, 2021 /PRNewswire/ --GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of Prime Automotive Group to Group 1 Automotive, Inc. ("Group 1"), an international, Fortune 500 automotive retailer with 217 dealerships located in the U.S., U.K., and Brazil. Ascendant Capital then became a registered branch office of Gentile and Schneiders new broker-dealer. Were the representations fair and balanced in terms of risk disclosures? As alleged, the defendants misrepresented the holdings of GPB Capital through deceptive marketing practices, luring investors with promises of monthly distributions that would be covered by funds from the investments and not drawn from underlying invested capital. The company had been tasked with auditing one of the GPB private placement funds, Armada Waste Management. His sentencing hearing is scheduled for January 2021. GPB told prospective investors that it would purchase, among other assets, income-producing auto dealerships and waste management businesses with capital from investors, promising them 8% returns . There are currently 10 separate companies: GPB Automotive Portfolio LP, GPB Cold Storage LP, GPB Eurobond Finance PLC, GPB Holdings II LP, GPB Holdings, III LP, GPB Holdings Qualified LP, GPB Holdings LP, GPB NYC Development, GPB Scientific LLC, and GPB Waste Management LP formerly: GPB Waste Management Fund LP. The GPB Capital Holdings Brochure of August 12, 2020 confirms that Highline Management, Inc. has taken over the daily operations of GPB: `. Wait and see does not appear to be a viable recovery option. If you purchased GPB and you have realized or unrealized investment losses, you should consult an attorney. Industries Financial Services Company size 11-50 employees Headquarters New York, NY Type Privately Held Founded 2020 Locations. 2019-2020: GPB Capital Holdings aggregate loss is $1.561 billion. The Managed Funds Associations short precis on RAUM: Categories: The Scientology Money Project, Tagged as: Aileen Doherty, Ascendant Alternative Strategies, Austin Lake Technologies, AutoNation, David Gentile, Dodd-Frank Act, GPB Capital Holdings, Highline Management, Inc., International Association of Scientologists, Jeff Lash, Jeffrey Augustine, jeffry schneider, Kevin Westfall, Kinnie Ma lawsuit, Mark Martino, Mike Frost, Regulatory Funds Under Management, Scientology, Securities and Exchange Commission, Tom Hawkins. The statement concerning the role of Jeffry Schneider and Mark Martino of Ascendant Alternative Strategies: Regarding the Advisers response to Item 7(B)(1)(A)(28), it should be noted that Ascendant Capital, LLC a related party of ASCENDANT ALTERNATIVE STRATEGIES, LLC (Member FINRA/SIPC (CRD# 283881 / SEC# 69769)), provides services to GPB Capital Holdings, LLC and its clients and indirectly receives, and may directly receive, reimbursements or other compensation from such parties. Scroll down to the bottom of this article to read the new Form ADV. GPB served as the general partner of several investment funds, including GPB Holdings, LP (Holdings I), GPB Holdings II, LP (Holdings II), GPB Automotive Portfolio, LP (Automotive Portfolio), GPB Waste Management, LP (Waste Management) and GPB Cold Storage, LP (Cold Storage) (collectively, the GPB Funds). Access additional case information on PACER Use the links below to access additional information about this case on the US Court's PACER system. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. hbbd```b``: "ZO,` "`63 3(%$cH 1' gT#30` =EI GPB investors. Gentile and Schneider worked closely together on the founding, development, operation and marketing of the GPB Funds. Concurrent with reaching an agreement in principle with M&T Bank on December 28, 2021, to allow for distributions to the Partnership and GPB Holdings II, LP, Highline management, on behalf of GPB, commenced the plan to liquidate the Partnership's remaining net assets and wind up the Partnership ("Plan of Liquidation"). Published By Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here. The State of Massachusetts has opened a pending investigation. Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. Private placement investments are only supposed to be sold to high net worth and accredited investors. Scientology Fines OTs $100,000 if They Talk About Xenu or Body Thetans! , Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. GPB Waste Management, and GPB Cold Storage, and raised and invested capital in a portfolio of private . It is alleged that GPB Capital Holdings tried to cover up the scheme, and its an inevitable failure by telling investors that they would receive continuous returns amounting to 8 percent of their initial investment. Page 1 of 1. It is exactly as the Commonwealth of Massachusetts wrote: [GPBs] funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies. We find the non-operational websites to be disgraceful. The investigation into GPB continues and our investment fraud attorneys continue to investigate and closely monitor GPB investments for our clients. Recently, another auditor retained by GPB resigned. The question in those cases may be whether the financial advisor had a conflict of interest or otherwise breached his or her fiduciary duty by stepping in front of the clients best interest as a result of the commission structure of GPB Holdings. Jobs CA No. This is the subject of a future article as we follow the GPB money trail into Clearwater, Florida. According to its report, since the appointment of the monitor in February 2021, the two main areas of focus have included: (1) Financial Reporting and (2) GPB Investments. In March 2017, Ascendant Alternative Strategies registered as a broker-dealer with the Securities & Exchange Commission and FINRA. In reality, despite the defendants representations, investor capital was used to pay for a significant portion of the distributions made to investors in each of these funds. If you invested in any of the following funds. With redemptions suspended, all of the GPB Funds plunging in value, no statements provided over the value of their private placementsthat is, if they are worth anything at allinvestors are turning to the brokerage firms and their registered representatives that sold them these investments to recover their losses.

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The point of the above paragraph is to note that it is possible that GPB paid out a lot of money in distributions, which is part of the writedown in assets. GPB is in the final stages of interviewing replacements. It all seems like smoke and mirrors.

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