Specifically, GPB admits in this latest ADV that its June 2020 RAUM is based upon June 2019 values: Regarding the Advisors answer to Item 5(F)2, the values reflected for the regulatory assets under management are as of June 31, 2019. GPB News - GPB Capital Holdings Investment Losses The SEC has filed documents in the U.S. District Court for the Eastern District of New York arguing that an independent monitor be appointed to oversee GPB Capital Holdings after earlier this month the SEC charged GPB Capital and three of its executives with operating a Ponzi-like scheme that raised . SEC requests independent monitor in GPB Capital case GPB Automotive Portfolio, LP Form 10-Q Quarterly Report Filed 2022-05-20 Invest in GPB? What was the original cost of these investments when they were recommended to you?

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The structural complexities of GPB Capital Holdings; its funds and sub-funds; and hundreds of bank accounts will be unraveled in due course by regulators and, hopefully, prosecutors. 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. July 2019: We reported on GPB Capital Holdings staggering $700 million loss across all of its funds. The same is true of a valuation. Embattled fund manager GPB Capital sells 30-acre cold storage parcel There may also be issues as to whether due diligence files were properly updated as material issues, including those noted above, were made public or could have been discoverable by the firms. 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"). 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.This closing completes the purchase of substantially all the assets, including real estate, of 27 Prime Automotive . Finally, there are practical considerations in cases where investors are aware of losses and potential claims but choose to delay taking action. GPBs Prime Automotive Group is headed by CEO Tom Skelton who spent 24 years at AutoNation. Federal court records of the GPB class action lawsuit allege David Gentile was paying current investors with new investors money. Recently, another auditor retained by GPB resigned. 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"). We represent investors in their Financial Industry Regulatory Authority (FINRA) arbitration claims against the broker-dealers and brokers who earned commissions from these GPB private placement sales.

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That is a 45.2% plunge. 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. 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 Closes Sale of Alliance Physical Therapy - Insider The ponzi scheme allegations are for all the products. 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. GPB Capital | LinkedIn or other current GPB CH or Highline management that, in my judgment, has led to any loss of Case 1:21-cv-00583-MKB-VMS Document 104 Filed 07/08/22 Page . Overview of operations of GPB Capital and Highline Since the appointment of the Monitor on February . 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"). Official websites use .gov Learn how your comment data is processed. GPB Capital Holdings (GPB) purportedly invests in (among other industries) waste management and automobile dealership businesses. 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? Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers.

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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. As of March 2019, the firm is being investigated by the Federal Bureau of Investigation (FBI). The AUM vs RAUM question also speaks to the civil complaint against GPB Capital Holdings filed by the Commonwealth of Massachusetts. Not only did Gentile engage Schneider in drafting key documents and attending internal GPB executive meetings, but GPB Capital functionally gave Schneider the exclusive right to sell GPB Capital funds. 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 with any investment fraud or ponzi scheme, it is critical to take action." GPB Capital Holdings conducted its own business operations since its inception in 2013.

}, 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. 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). Jeffrey Schneider, GPBs placement agent Ascendant Capital, David Gentile, and Jeffrey Lash, both executives of GPB, have been charged with wire fraud, securities fraud, and conspiracy against 17,000 investors. 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. 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. 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. 4B. GPB Capital Holdings and Oestreicher Properties Inc. are partners in the 211 Schermerhorn Street project on Boerum Hill in Brooklyn. Last year GPB Capital Holdings plunged from $1.8 billion to $1.1 billion Regulatory Assets Under Management. GPB Capital has many hundreds of bank accounts under its purview. 62 0 obj <> endobj AUSTIN LAKE TECHNOLOGIES IS AN INDEPENDENT OPERATIONS SUPPORT PARTNER THAT PROVIDES STRATEGIC, MANAGEMENT, AND OPERATIONS CONSULTING SERVICES TO THE ADVISER. Note: Some sources give the value of GPBs AUM as $1.5 billion.

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OTHER ITEMS OF CONCERN IN GPB CAPITALS JUNE 2020 ADV.

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Highline Capital Management LP - Company Profile and News Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. 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. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. Finally, there are practical considerations as well in cases where investors are aware of losses and potential claims, but they choose to delay taking action. Scroll down to the bottom of this article to read the new Form ADV. Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with Group 1. The only problem is that both car dealerships and garbage haulers had already been through a wave of consolidation 20-30 years ago, and they were rolled up by really smart guys who continue to look for good acquistion candidates and have the cash in hand to snag them. Mr. Gentile is not actively involved in the day-to-day operations of AAS.. 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. Highline Management, Inc. Jan 2020 - Present3 years 2 months Greater New York region Key member of the leadership team of GPB Capital's investment management subsidiary, which manages. 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. Intuit Announces 2023 Cohort of Toronto Startup Accelerator Program Defendants David Gentile, the founder, owner and Chief Executive Officer (CEO) of GPB; Jeffry Schneider, the owner and CEO of Ascendant Capital LLC (Ascendant); and Jeffrey Lash, a former managing partner of GPB, are charged with engaging in a scheme to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them and the amount of revenue generated by two of GPBs investment funds, GPB Holdings, LP and GPB Automotive Portfolio, LP.