FINRA Fines United Planners Over GPB Private Placement Sales

Posted on June 30th, 2022 at 1:18 PM
FINRA Fines United Planners Over GPB Private Placement Sales

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has fined United Planners’ Financial Services of America over negligent sales of private placements issued by GPB Capital Holdings.


The issuance comes after GPB failed to submit audited financial statements in 2018 for some of its investments that pose a higher risk. The settlement, which United Planners accepted without admitting or denying any of FINRA’s investigatory findings, requires the firm to pay $40,000 in fines and $37,000 in restitution to four particular clients. FINRA has categorized the restitution as “partial” since it accounted only for commissions the clients previously had paid.


GPB cut dividends for some of its private placements after failing to timely file the audited financial statements. Furthermore, the Justice Department charged GPB founder David Gentile and other executives with fraud in 2021. According to FINRA, United Planners “negligently omitted” to inform four GPB private placement investors that the company had failed to timely submit required filings with the SEC, including audited financial statements.


Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

October 21, 2025
Judge Denies Merrill Lynch's TRO in Advisor Transition

A federal judge has rejected Merrill Lynch’s request for a temporary restraining order (TRO) against a group of former financial advisors who left the firm to launch their own independent practice, OpenArc Corporate Advisory, under Dynasty Financial Partners’ platform with custody at Charles Schwab.

October 20, 2025
FINRA Accuses Former MML Broker of Cheating on SIE Exam

Regulators have accused a former MML Investors Services-affiliated broker of cheating on the Securities Industry Essentials (SIE) exam, according to a recent Financial Industry Regulatory Authority (FINRA) enforcement complaint.

October 17, 2025
FINRA Fines Oak Hills Securities for Private Placement Misconduct

The Financial Industry Regulatory Authority (FINRA) has censured and fined Oak Hills Securities Inc., an Oklahoma City brokerage, for multiple rule violations over five years.