GPB Capital investors claim their advisors have recommended that they wait it out, insisting audits will be released.
The Sonn Law Group is investigating allegations that brokers have recommended investments in GPB Capital Holdings or its affiliates without fully disclosing the risk associated with them. If you or a family member has suffered losses investing in GPB Capital Holdings, we want to discuss your case. Please contact us today for a free review of your case.
Advisors who recommended investments in GPB Capital Holdings have been telling their investors to do nothing while they wait for the annual audits to be released. Some advisors have even insisted that “GPB Capital is a completely transparent company and not a scam.”
In spite of this advice, GPB Capital announced in November that no financial audit would occur anytime in the near future. Investors are now positive there is no hope left for their investments in this company.
GPB Capital has been accused of operating a Ponzi scheme and is being investigated by the SEC and FBI. Additionally, GPB’s chief compliance officer was indicted for illegally obtaining information on the SEC’s investigation. Now, Volkswagen and Toyota are threatening to pull the plug on GPB Capital auto dealerships.
Statements by Automotive and GPB Holdings II made on November 22nd admitted to the following:
- GPB Capital auditor has suspended work
- GPB Capital Audit Committee is resigned on November 27, 2019
- Financials will not be released by the end of the year, no deadline has been set for audited financials (despite earlier assurances to investors that they would be released by 2020)
- GPB conceded that it’s Automotive Portfolio has lost at least $212 million and GPB Holdings II has lost in excess of $125 million
- GPB Capital is blocking any transfer of interests in the GPB funds on the secondary private market
GPB Capital Holding’s funds include:
- GPB Cold Storage
- GPB Automotive Fund
- GPB Automotive Income
- GPB Holdings II and III
- GPB Waste Management
- GPB NY Development
Contact Us Today
The Sonn Law Group is currently investigating allegations that brokers recommended investments with GPB Capital Holdings. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.