The firm is alleged to have sold $163 million in securities in the fund, which is now valued at just $53 million
Investors across the country are seeing major losses as Armada Waste Management LP, a fund issued by New York-based GPB Capital Holdings has decreased in value by nearly 70%.
The firm is alleged to have sold more than $163 million in securities in the Armada fund, which has decreased in value to just $53 million amidst the downturn in GPB’s investment funds.
Earlier this year, GPB Capital, which offers unregistered private-placement securities, reported major losses in two of its largest funds.
When the firm failed to meet a financial information report deadline, both the Securities and Exchange Commission and the Financial Industry Regulatory Authority began investigations into the accuracy of disclosures, the performance of funds, and distribution of capital to investors.
Did You Invest in Armada Waste Management?
Because GPB Capital’s funds were sold by more than 60 independent broker-dealers, many investors may be affected by the firm’s major losses. If you invested in Armada Waste Management or another GPB Capital fund, or such a fund was recommended to you by your broker, you may be able to recover some of the losses through FINRA arbitration.
Under FINRA Rules, member firms are responsible for supervising the activity of their brokers and may be liable for misconduct, including the recommendation of unsuitable investments. Contact Sonn Law Group today to set up a free consultation about your case.
Jeffrey R. Sonn is an experienced securities fraud attorney. If you suffered losses because your broker or brokerage firm took illegitimate commissions or fees, Mr. Sonn is prepared to help. To set up a free, strictly confidential review of your legal claim, please do not hesitate to contact the Sonn Law Group today