GPB Capital Lawsuit FBI investigation

GPB Capital Investigated by FBI for Fraud

William Galvin, the Secretary of the Commonwealth of Massachusetts, has made an announcement that in September, GPB Capital successfully secured $1.8 billion from accredited investors. This news comes to light through an examination which included 63 brokerage firms, uncovering that GPB has been dealing in the investor’s private pensions. In response, a representative for GPB Capital has issued a remark specifying that the firm is under the scrutiny of both the SEC and FINRA, with both agencies currently conducting an investigation. This was further escalated on Thursday when FBI agents, along with officials from the New York City Business Integrity Commission, conducted a raid on the company’s offices located in Manhattan.

As reported earlier, there are several GPB capital fraud lawsuits filed by investors who are concerned with 100% loss of their investments.

GPB was taking a break from raising new money and concentrating on straightening their accounting and financial statements of large funds. After some time it said that it was repeating 2015 and 2016 financial statements of certain funds as part of an accounting review. After that in November, the firm’s auditor Crowe LLP resigned.

Holdings said on Monday that the FBI raid the investment firm’s office in New York last week.

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Industry sources stated that the Financial Industry Regulatory Authority Inc. and the Securities and Exchange Commission launched investigations into GPB.

GPB Capital Holdings Fraud Lawsuits

The company said that it has been working on enhancing its oversight, auditing, and moving forward. It also said that their portfolio companies are secure and well-positioned for the future.

Registered repetitions from dozens of independent broker-dealers offered the high risk, high-commission private placements. The company said, “We will continue to cooperate with inquiries and are confident in Private placement funds which invest in automobile dealerships and the waste management sector”.

In August, the company said that the aim of the SEC’s inquiry was that the accuracy of disclosures made by GPB that it has spent much of the past year dealing with a variety of problems is true or not.

“The commission regulates the public wholesale markets, as well as the private carting and shipboard gambling businesses. FBI and the New York City Business Integrity Commission’s authorities visit on February 28, 2019, which was unscheduled, was a part of the process,” according to an email from a GPB spokesman.

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