Tr?id=566623520170033&ev=PageView&noscript=1

FINRA Penalizes Center Street Securities Over Improper GPB Private Placement Sales

Posted on January 11th, 2023 at 1:41 PM
FINRA Penalizes Center Street Securities Over Improper GPB Private Placement Sales

From the Desk of Jim Eccleston at Eccleston Law.

The Financial Industry Regulatory Authority (FINRA) has imposed a fine on Center Street Securities after the financial advisory firm improperly sold GPB private placements.

In total, FINRA now has penalized at least seven financial advisory firms since December 2022 for improper GPB private placement sales. According to FINRA, Center Street Securities failed to inform nearly 20 investors that GPB had failed to submit its required filings, including audited financial statements, with the Securities and Exchange Commission (SEC). Even though Center Street received an announcement from GPB Capital regarding the delays, Center Street preceded to sell 16 limited partnership interests in Automotive Portfolio and four limited partnership interests in Holdings II, according to FINRA.
FINRA determined that the sales, which totaled $1.2 million, occurred between May 2018 and June 2018. Center Street collected at least $98,727 in commissions from the improper GPB sales, according to FINRA. Center Street consented to a $70,000 fine and partial restitution of $89,652 without admitting or denying any of FINRA’s investigatory findings in the Acceptance, Waiver and Consent (“AWC”).

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

Tags: eccleston, eccleston law, advisors, law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

1791477640 Law
October 8, 2026
Delaware Life Faces Proposed Class Action Over Alleged Private Credit Disclosures

A Florida investor has filed a proposed class action against Delaware Life Insurance Co.

1791390362 Law
October 7, 2026
SEC Charges Investment Fund Operators in Alleged $8.7 Million Fraud Scheme

The Securities and Exchange Commission (SEC) has charged Christopher Kenji Dinelli and Jacob David "Kobe" Frankel with allegedly defrauding 35 investors of more than $8.7 million through Beyond Alpha Ventures LLC and investment advisory firm Beyond Equity LLC.

1791220249 Law
October 5, 2026
House Passes Bill to Restore Tax Deduction for Financial Fraud Victims

Victims of financial fraud may soon receive additional tax relief under legislation that overwhelmingly passed in the House of Representatives.