Using round numbers: 2018: GPBs stated AUM is $1.8 billion. Scientology Fines OTs $100,000 if They Talk About Xenu or Body Thetans! Appropriate due diligence would further identify issues that concern investors (compared to other potential investments), including high costs, high commissions, illiquidity, and conflicts of interests that would make the investment not suitable for retail investors or certain classes of retail investors such as retirees, elderly investors, etc if the investments are long-term and illiquid in nature, that more than likely would not suit the investment objectives, needs, or goals of an elderly or retired investor in many cases. However, in GPBs 2018 Part 2A ADV a/k/a The Brochure the company states (emphasis ours): GPB Capital Holdings, LLC, a Delaware limited liability company (GPB or the Manager), is a New York-based middle-market acquisition and operations firm whose principals are experienced financial, management and accounting professionals with several decades of combined private investment and acquisitions experience. HQ Phone (212) 235-2650 Company GPB Capital Rob Chmiel Current Workplace GPB Capital Location 535 W 24th St Fl 6, New York, New York, 10011, United States Description Read More Industry Venture Capital & Private Equity Finance Discover more about GPB Capital Org Chart - GPB Capital Rob Chmiel Interim Chief Executive Officer Phone Email Phone Email Mr. Gentile is not actively involved in the day-to-day operations of AAS.. The allegation is that he shared that information with GPB executives and thereby acted to obstruct justice. Scientology Fair Game: Cult Leader David Miscavige Orders Attacks on Marc Headley and His Business, US Federal Prosecutor Now Investigating Retired LAPD Cop & Scientology Pal Captain Cory Palka for Corruption, Subpoena-Evader and Thug Life Scientology Leader David Miscavige Served a Subpoena by a US Federal Court on Valentines Day 2023, Scientologist David Gentile Goes Down in Flames in the Pretrial Phase of His US Federal Criminal Case. ELITE TRAILER MFG Trailers Auction Results. Has your broker or financial advisor contacted you to review these investment holdings and discuss the status? 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. His sentencing hearing is scheduled for January 2021. Such statements do not appear to be enough to calm most investors in light of the list of other prior events. Even more shocking was when investors couldnt sell their GPB Capital funds.
"about": [
I seem to recall reading that some of the investors either were promised or actually got distributions starting immediately after contributing. As mentioned, the self-dealing relationship between GPB, Ascendant Capital, and Ascendant Alternative strategies is embodied in the Massachusetts civil complaint. Often, the customers who bought them were retirees or other retail investors for whom they were unsuitable. 1. We simply dont have enough information as yet to hazard a guess as to which it is, but its clear that there are investigations going on that will answer that question. 6. The Plaintiffs, in this case, alleged that GPB Capital Holdings was operating a Ponzi scheme. This is in direct contradiction with GPBs stated RAUM of $238 million.{"@type": "Thing", "name": "Compliance", "sameAs": "https://en.wikipedia.org/wiki/Regulatory_compliance"},
GPBS INABILITY TO HIRE A THIRD-PARTY VALUATION SERVICE PROVIDER & WHAT IT MEANS. 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 Has your financial advisor contacted you to review the investment holdings and discuss the status after this additionally reported decrease in value (as reported by the sponsor) or to share with you that the National Financial Services and other custodian providers are removing GPB Funds from their platform? No third party would want to sign off on anything given the deliberate complexity and dishonesty of a firm such as GPB Capital. Given the foregoing information, we must ask if the $239 million RAUM is a meaningful number at all or just more private equity trash. CA No. A spokesperson for the company could provide no reason for such a huge loss. 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). Readers can scroll down to the bottom of this article to read the Managed Funds Associations short precis on understanding RAUM. Scroll down to see GPB Capital Holdings ADV and Brochure Part 2 of August 12, 2020. The governments case is being handled by the Offices Business & Securities Fraud Section. Cision Distribution 888-776-0942 Despite these declines and negative events, many financial advisors continue to try to tell a positive story but based what facts or evidence, its unclear. "text": "GPB Capital Holdings was founded by David Gentile in 2013 and headquartered in New York City. Finally, there are practical considerations in cases where investors are aware of losses and potential claims but choose to delay taking action. 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. In truth, a significant portion of GPBs distributions were paid directly from investor funds. 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. This business model isn't usually affected by broad stock market swings. %PDF-1.5 % Kevin Westfall originally stepped in to replace David Rosenberg who was fired as CEO of Prime Automotive by GPB Capital. This has serious implications. Motels near Indira Gandhi Intl Airport (DEL), New Delhi on Tripadvisor: Find traveler reviews, 50,114 candid photos, and prices for motels near Indira Gandhi Intl Airport (DEL) in New Delhi, India. GPB Capital Holdings: Court-Appointed Monitors Report on Q4 2022 Activities. He then allegedly shared the information with GPB executives."@type": "FAQPage",
This is an outrage. GPB Capital Investment Recovery Goodman & Nekvasil, P.A. Page 1 of 1 RAUM means Regulatory Assets Under Management whereas AUM means Assets Under Management. RAUM is a different metric than AUM. United States Attorneys Office Have a question about Government Services?"mainEntity": [
Date of Report (Date of earliest event reported): June 30, 2022.{"@type": "Thing", "name": "GBP", "sameAs": "https://en.wikipedia.org/wiki/Pound_sterling"},
July 2019: We reported on GPB Capital Holdings staggering $700 million loss across all of its funds. To contact Highline, please email info@highline-management.com. In June 2019, GPB revised its share price values down, reflecting significant losses in funds, some up to -74% of the original value. 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. At Haselkorn and Thibaut, InvestmentFraudLawyers.com, our attorneys specialize in helping investors maximize the recovery of their investment losses. AUSTIN LAKE TECHNOLOGIES IS AN INDEPENDENT OPERATIONS SUPPORT PARTNER THAT PROVIDES STRATEGIC, MANAGEMENT, AND OPERATIONS CONSULTING SERVICES TO THE ADVISER. GPB and three executives were charged by the SEC with defrauding investors earlier this month. In certain places, GPBs Brochure reads like a no contest document in a plea bargain agreement. Did that discussion include or address the decline in value? Scientology Does! 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. See our recent article on this puzzling development. Assistant United States Attorneys Lauren Howard Elbert, Artie McConnell and Garen Marshall are in charge of the prosecution. 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). Many investment companies have declared bankruptcy and left their investors holding the bag. The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. Xenu Who? Along with our partners, were committed to exposing these frauds whenever and wherever we find themand holding the fraudsters accountable, stated FBI Assistant Director-in-Charge Sweeney. This comes after the change of the CEO, an additional lawsuit by the former CEO, and the arrest of GPBs Compliance officer for obstruction of justice. GPB investors. GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. GPB Capital's business model is all about raising money from investors selling high-commission products to scores of independent broker-dealers, then use the capital from the sales to buy businesses like trash haulers or car dealerships. Share sensitive information only on official, secure websites. Scientology Fines OTs $100,000 if They Talk About Xenu or Body Thetans! The primary cause of the decline is the continued struggles of Armada's New York . Why did GPB Capital Holdings need to form a new and separate company 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?{"@type": "Thing", "name": "arrest", "sameAs": "https://en.wikipedia.org/wiki/Arrest"},
First, be aware that an investor has a limited time window to recover losses.{"@type": "Organization", "name": "FINRA", "sameAs": "https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority"},
Some of GPB Capitals funds jointly own portfolio companies, like the Prime Automotive Group. 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. Naive fund managers who dont know their industry were potentially likely to overpay significantly chasing this dream. 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.{"@type": "Thing", "name": "investigation", "sameAs": "https://en.wikipedia.org/wiki/Criminal_procedure"},
{ Highline currently oversees on GPB's behalf all day-to-day functions of the Partnership and its subsidiaries, including management of all underlying assets, human capital, accounting and financial reporting, and operations pursuant to a Management Services Agreement ("MSA"). Of course, we pause to note that GPB Capital Holdings still owes investors and the SEC those 2015 and 2016 restated financial reports. For over 3 years now, GPB Capital investors have been getting more and more bad news. This site uses Akismet to reduce spam. Skelton was the President of AutoNations Northeast US Division when he left in 2020 to take the CEO slot at Prime Automotive Group. 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. They would be entitled to some recovery out of the rubble left, on an equal basis with people who didnt get distributions, but thats obviously going to be a lot less than whats clawed back. The current unrealized loss is $92,725,188.00. GPB said it would pay for investors by income generated from the private partnerships. Xenu Who? Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with Group 1. Mark Martinos Ascendant Alternative Strategies website has been disabled and is non-operational at this writing. This speaks to the role Mike Frosts company Austin Lake Technologies plays within the GPB Capital scheme: Describe any other investment-related business activities conducted from this office location:AUSTIN LAKE TECHNOLOGIES CURRENTLY SHARES OFFICE SPACE WITH ADVISER PERSONNEL. 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. ROME 1120 Auction Results. In March 2017, Ascendant Alternative Strategies registered as a broker-dealer with the Securities & Exchange Commission and FINRA. Scientologist David Gentile purchased, or bought controlling interest in, several companies owned by his fellow Scientologists.{"@type": "Thing", "name": "tax", "sameAs": "https://en.wikipedia.org/wiki/Tax"},
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In July, the alternative asset firm reported in its Form ADV to the SEC that its assets under management (AUM) had declined by nearly $200M between the end of 2017 and June 2019from $434M in AUM to $196.3M. 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. Eventually, Gentile sought to fully integrate and take control of Ascendant Capitals broker-dealer activity, and registered his own broker-dealer. The defendants were arrested today, and Gentile will appear this afternoon in federal court in Boston, Massachusetts, Schneider will appear in federal court in Austin, Texas, and Lash in federal court in Fort Myers, Florida. Like the other non-Scientology lawyers who work in the Scientology orbit, some of Michael Emanuels work will consist of lining up deck chairs on the Titanic; which is to say David Gentile hired the best lawyer he could find given GPBs present state of chaos. Seth D. DuCharme, Acting United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the charges. GPB Capital Holdings has played incessant games with its website over the past two years. The only number GPB offers in its latest Form ADV is $238,637,198 RAUM. As we allege today, however, this was all a lie. GPB excludes the value of the assets in its holding companies in its RAUM. If you purchased GPB and you have realized or unrealized investment losses, you should consult an attorney. "We are actively working with our independent Monitor on a plan to distribute the available proceeds from the transaction to GPB Capital's partnership investors. 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. . A .gov website belongs to an official government organization in the United States. After purportedly sharing this data during job interviews with GPB Capital, Cohn resigned from the SEC and accepted a $400,000 a year position as GPBs Chief Compliance Officer. In October 2019, GPBs Chief Compliance Officer was indicted. The loss was never explained by GPB Capital Holdings in any way. Main Office Scientology Fair Game: Cult Leader David Miscavige Orders Attacks on Marc Headley and His Business, US Federal Prosecutor Now Investigating Retired LAPD Cop & Scientology Pal Captain Cory Palka for Corruption, Subpoena-Evader and Thug Life Scientology Leader David Miscavige Served a Subpoena by a US Federal Court on Valentines Day 2023, Scientologist David Gentile Goes Down in Flames in the Pretrial Phase of His US Federal Criminal Case. What investor clients were (or were not) told at the time of the recommendation and, later, as that information has unfolded, may also be a material issue. Many of the investments were private placements. Attorney General James seeks restitution for investors of more than $700 million defrauded, as . GPB Capital Holdings conducted its own business operations since its inception in 2013. BZ WELDING Farm Equipment Auction Results. In its civil complaint against GPB Capital Holdings, Massachusetts securities regulators noted the structurally complex nature of the GPB Capital and its myriad conflicts of interest and self-dealing: By its nature, GPB Capital is structurally complex. As to incompetence: the idea of consolidating an industry, such as a bunch of independent car dealerships and garbage companies, and cutting costs by sharing sales and back-office functions, is a standard business school term project, and it happens a lot in the real world. Highline Capital Management, L.P. operates as an investment management firm. 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. Given the above statement, we must ask if the $239 million RAUM is a meaningful number at all. ",OTHER ITEMS OF CONCERN IN GPB CAPITALS JUNE 2020 ADV. With todays guilty plea, Modile is revealed as a prolific fraudster and money launderer who has left a trail of fake documents, plundered bank accounts, and financial victims from Brooklyn A three-count indictment was unsealed today in United States District Court for the Eastern District of New York charging Mohammad Ibrahim Bazzi, a Lebanese and Belgian citizen, and Talal Chahine As alleged, Carlos Watson is a con man whose business strategy was based on outright deceit and fraud he ran Ozy as a criminal organization rather than as a Eastern District of New York GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of a 30-acre parcel of land that was owned by GPB Cold Storage, LP (the "Partnership"). What was the original cost of these investments when they were recommended to you? We find the non-operational websites to be disgraceful. If convicted, the defendants each face up to 20 years imprisonment.
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) or https:// means youve safely connected to the .gov website. Its funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies. 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 offers equities, portfolio management, financial planning, and advisory . Brokers and financial advisors also have a responsibility to conduct an investigation. Jeffry Schneiders Ascendant Capital website has been disabled and is non-operational at this writing. Investors that are worried about investing in a Ponzi scheme should consult a third-party investment lawyer. A lock ( These complaints accuse the company of operating a massive, complex Ponzi scheme. There is a potential statute of limitations and potential FINRA customer dispute resolution rules, including a potential six-year eligibility rule. Law360 (June 13, 2022, 8:20 PM EDT) -- The U.S. Securities and Exchange Commission on Monday asked a New York federal judge to appoint a receiver for GPB Capital Holdings amid a criminal case ."headline": "GPB Capital Lawsuit: GPB Holdings Ponzi Scheme",
Meantime, the SEC, FINRA, and the Federal Bureau of Investigation (FBI) are continuing in their ongoing investigations into GPB Capital Holdings, which is facing its share of class action securities fraud lawsuits and litigation from two ex-business partners. It also ignores GPBs 2019 devaluation downwards to $1.1 billion.}, National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. Enter your email address to follow this blog and receive notifications of new posts by email. We have over 50 years of experience and a 95% success rate. Suddenly, however, David Gentile apparently needs to pay two outside companies in order to help him get out of bed in the morning. Scroll down to the bottom of this article to read the new Form ADV. Ascendant Capital then became a registered branch office of Gentile and Schneiders new broker-dealer. 5. GPB Capital Holdings was founded by David Gentile in 2013 and is headquartered in New York City. ",
Wait and see does not appear to be a viable recovery option. As of March 2019, the firm is being investigated by the Federal Bureau of Investigation (FBI). Usually, its not hard to guess at whats at the heart of a fund falling apart, but there are so many different things apparently going on here that its really impossible to tell, and its impossible to predict how things will turn out, other than being certain that theyll end badly for investors. Note: Some sources give the value of GPBs AUM as $1.5 billion. As an investor, you may want to begin by reviewing the basic information and records that you have in your . Left unexplained in the Form ADV is how Health Prime, a GPB Capital portfolio company, is now owned by Mike Frosts Austin Lake Technologies. Any proposed material corporate transactions by GPB and/or Highline Management, Inc. ("Highline"), the GPB Funds or the Portfolio Companies, or any other proposed material corporate transactions as the Monitor may, in the Monitor's sole discretion, deem appropriate. The State of Massachusetts has opened a pending investigation. Brokers and financial advisors selling GPB investments are believed to have received more than $165 million in commissions. U.S. Attorney's Office, Eastern District of New York, The Defendants Allegedly Misrepresented GPBs Performance and Paid Distributions with Investor Funds, Securities, Commodities, & Investment Fraud, GPB Capital Founder and CEO Among Three Individuals Indicted in Private Equity Investment Fraud, Nigerian National Pleads Guilty to Multi-Million Dollar Fraud Schemes and Money Laundering, Sanctions Evasion and Money Laundering Charges Unsealed Against Specially Designated Global Terrorist Mohammad Bazzi and Talal Chahine, Ozy Media and Its Founder Carlos Watson Indicted in a Years-Long Multi-Million Dollar Fraud Scheme, GPB Capital Founder and CEO Among Three Individuals Indicted In Private Equity Investment Fraud. Page 1 of 1. The investigation into GPB continues and our investment fraud attorneys continue to investigate and closely monitor GPB investments for our clients. Highline Capital Management, L.P., is a New York City-based investment firm that focuses on mid and large capitalization U.S. equities long and short. TORONTO, March 2, 2023 (BUSINESS WIRE) -- Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with Highline Beta, a venture studio and venture capital firm, announced today the 2023 cohort of the Intuit Prosperity Accelerator: Toronto. Highline Management, Inc., which . Welcome to ComplianceWeek.com. As stated in the Massachusetts complaint against GPB: Ascendant Capital is wholly-owned by Gentiles business partner Jeffry Schneider. Update on the GPB Capital Lawsuit and ponzi scheme update. The company had been tasked with auditing one of the GPB private placement funds, Armada Waste Management.
{ "@type": "Question", "name": "What Should GPB Capital Investors Do? GPB Capital Holdings LLC said its assets have grown to more than $1.21 billion following sales of automotive and health companies, potentially stirring hope for roughly 17,000 investors who. Farm Equipment For Sale - 0 Listings | TractorHouse.com - Page 0 of 0 At TractorHouse.com. Professional firms do not engage in this type of activity. As detailed in the indictment and other court documents, GPB, founded by Gentile in or around 2013, was a New York-based investment advisor registered with the SEC. This is not unexpected as existing long-term relationships very often lead to new business opportunities. Former AutoNation car guys are now in leading GPB Capitals Prime Automotive Group. The financial advisors making recommendations to investors to continue to hold their GPB investments have no additional information to answer these questions. 4. 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").
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WHY GPB CAPITAL HOLDINGS CANNOT STATE THE TRUE VALUE OF ITS ASSETS. Myrianthopoulos was previously employed as CFO at Soligenix Inc. (formerly named Dor Biopharma). "acceptedAnswer": { "@type": "Answer",
7. It all seems like smoke and mirrors. The principal purpose of each Company is to acquire controlling majority (and in many cases, wholly owned) interests, whether equity, debt or otherwise, in income-producing, middle-market private companies in North America; to provide hands-on managerial and operational assistance to such companies; and to further develop operations of such companies and increase cash flow and current income from operations. As for the Church of Scientology, I smell COLLSION.. and it stinks. As with any investment fraud or ponzi scheme, it is critical to take action." 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 Our attorneys are available as public service to review your investment accounts and counsel you, and answer your questions at no charge. 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. Conversely, a jury of Cohns peers particularly those who have been financially crippled by the pandemic would not look kindly upon a white collar criminal who allegedly broke the law to take a $400,000 salary. , Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. GPB serves as general partner and/or manager for various companies (each, a Company, and collectively, the Companies) which do not meet the definition of investment company and thus will not register under the Investment Company Act of 1940, as amended (the 1940 Act) and whose fund interests (Interests) are not registered under the Securities Act of 1933, as amended (the 1933 Act). 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.
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