GPB Capital Investigated by FBI for Fraud

GPB Capital Lawsuit FBI investigation

Massachusetts Secretary of the Commonwealth William Galvin announced that GPB Capital has raised $1.8 billion from recognized investors in September. It was revealed in an investigation of 63 broker-dealer companies that GPB is selling private pensions of investors. A company spokesperson said in a statement that GPB Capital is already in the focus of the SEC and FINRA and they are conducting an inquiry. On Thursday, the FBI along with officials of the New York City Business Integrity Commission entered the company’s Manhattan offices.

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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