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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; GPB was formed in March of 2013 and is owned by David Gentile. Last summer GPB Capital Holdings announced that it would not be providing Schedule Cs and required tax documents for investors. This Office is committed to ensuring honesty and integrity in the management of investment funds.. 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. David Gentiles GPB Capital Holdings website has been disabled and is non-operational at this writing. At Haselkorn and Thibaut, InvestmentFraudLawyers.com, our attorneys specialize in helping investors maximize the recovery of their investment losses. ], The investigation into GPB continues and our investment fraud attorneys continue to investigate and closely monitor GPB investments for our clients. Highline Management 2020-2021 Managing Partner GPB Capital 2014-2020 President Cvl Advisors Group 2001-2012 Chief Financial Officer & Director, Board Soligenix 2001-2012 Education B. S. - Economics and Psychology Emory University Board Memberships & Affiliations Senior Vice President & Chief Financial Officer DOR BioPharma 2001-2017 Kinnie Ma Individual Retirement Account v. Ascendant Capital, LLC et al Notably missing from the list of GPB executives is Evan Myrianthopoulos, the long-time head of Debt Strategies at the firm. Financial advisors and brokers have legal and regulatory responsibilities to adhere to the rules and regulations of the securities industry. GPB also openly complains of the high costs to become compliant: In another paragraph, GPBs Brochure Part 2 quite openly describes the self-dealing and conflicts of interest inherent in the deliberately-constructed relationship between GPB Capital, Ascendant Alternative Strategies, and Ascendant Capital: The document further states, GPBs Founder and Chief Executive Officer, is an indirect minority owner of AAS (but not Ascendant Capital). Our securities fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have spent nearly two years investigating GPB Capital over allegations that it ran a $1.8B Ponzi scam. Later in June 2019, GPB informed investors that updated valuations had decreased even further, some by another -25%. 62 0 obj <> endobj Former AutoNation car guys are now in leading GPB Capitals Prime Automotive Group. 98 0 obj <>stream Gentile and Schneider were aware that the GPB Funds were underperforming, and authorized repeated distribution payments that used investor funds to cover income shortfalls, to the obvious detriment of investors. Did that discussion include or address the decline in value? Myrianthopoulos may have been behind the scenes in the arrangement for Soligenix to lease its headquarters from a partner of GPB Capital Holdings. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. GPB Automotive Portfolio, LP. Mr. DuCharme expressed his grateful appreciation to the Securities and Exchange Commission, New York Regional Office, for their significant cooperation and assistance during the investigation, and thanked the Business Integrity Commission and the New York City Police Department and for their support during the investigation. 2019-2020: GPB Capital Holdings aggregate loss is $1.561 billion. 4.{"@type": "Thing", "name": "monitor", "sameAs": "https://en.wikipedia.org/wiki/Surveillance"},
Access additional case information on PACER Use the links below to access additional information about this case on the US Court's PACER system. Sort by manufacturer, model, year, price, location, sale date, and more. Overview of operations of GPB Capital and Highline Since the appointment of the Monitor on February . 271 Cadman Plaza East GPB Capital received as much as $7 million in PPP money across all of its funds, this even as the firm is the subject of numerous investigations. At Haselhorn and Thibaut, our attorneys specialize in helping investors recover losses in GPB Holdings. GPB Capital Holdings conducted its own business operations since its inception in 2013. Highline Management, Inc. (Highline) was formed in January 2020 to assume the day to day duties and responsibilities of GPB with respect to the management of the business affairs, operations and financial reporting of the various limited partnerships sponsored by GPB as well as the Portfolio Companies. This leads us to ask if a career car guy like Tom Hawkins is up to the task of managing a third-party valuation firm as it attempts to value GPBs assets across a wide range of divergent portfolio companies such as biotech, cold storage, and healthcare software. Scroll down to see GPB Capital Holdings ADV and Brochure Part 2 of August 12, 2020. GPB Capital Closes Sale of Alliance Physical Therapy - Insider Note: Some sources give the value of GPBs AUM as $1.5 billion. Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. Emanuels short tenure at Stroock began in April 2018. ELITE TRAILER MFG Trailers Auction Results - 78 Listings | TruckPaper Between August 2015 and December 2018, the defendants, together with others, allegedly engaged in a scheme to defraud investors and prospective investors in the GPB Funds through material misrepresentations and omissions. United States Attorneys Office The fact that Stroock slashed the salary of equity partners 20% this past May might have been a factor in Emanuels decision to jump from Stroock, a prestigious firm that brought in $258 million in gross revenues in 2019. Tom Hawkins worked for AutoNation in the past. The $1.8 billion number has also been used in the Kinnie Ma lawsuit and other lawsuits. It all seems like smoke and mirrors. Brokers and financial advisors also have a responsibility to conduct an investigation. The taxpayer number is #32079004860. In the event that GPB and its management are charged criminally, those people who received distributions are subject to clawback rules. After over a year, investors are still left asking what were those perceived risks and what exactly does it mean to investors if they fell outside of the auditors internal risk tolerance? (718) 254-6323. OK Skip to main content Skip to navigation Compliance Week Many investment companies have declared bankruptcy and left their investors holding the bag. GPB Capital Completes Key Sale of Newark Property - WJHL 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. See our recent article on this puzzling development. The guilty plea involving Cohn is just the latest bad news headline involving GPB Capital Holdings, which invests in auto dealerships and waste management. For brokers and financial advisors with a strong financial incentive to recommend clients invest in GPB, the question is often whether the broker-dealer firm properly and adequately reviewed the investment, properly approved it as a potential new product and whether or not the individual financial advisor performed his or her due diligence properly to determine that the investment was suitable at the time it was recommended. Ponzi schemes always fail at the cost of investors substantial losses. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. Of course, Cohns demand for a bench trial also seems to be an attempt to line up something for an appeal. Plaintiff: Kinnie Ma Individual Retirement Account, Karen Loch, Victor Wade Individual Retirement Account, Shirley Stone Living Trust, dated January 9, 1992, as amended May 24, 2005, Jeffery S. Gramm Individual Retirement Account, Dean Crooks, Robert A. GPB Capital Investment Recovery Goodman & Nekvasil, P.A. Jobs We find the non-operational websites to be disgraceful. The case is currently delayed because of the coronavirus. Given the Gentile-Schneider undisclosed and bad faith architecture of paying excessively high commissions, paying themselves excessive fees at every step of the way, and failing to disclose their self-dealing and numerous conflicts of interests, we think there is a case to be made that GPB Capital was inherently fraudulent from the beginning. With respect to the allegations contained in the civil action filed against GPB Capital by the Commonwealth of Massachusetts, we ask if GPB Capital is a case of fraud ab initio, i.e. The same is true of a valuation. SEC Seeks GPB Capital Receiver In Effort To Thwart Ex-CEO The government contends that Cohn took proprietary information related to the regulators investigation into GPB Capital, using this as an incentive for the company to hire him. CA No.