Former Advisor Sanctioned for GPB Capital Sales

Posted on November 8th, 2023 at 4:16 PM
Former Advisor Sanctioned for GPB Capital Sales

From the desk of Jim Eccleston at Eccleston Law 

The Financial Industry Regulatory Authority (FINRA) has fined and suspended Arni J. Diamond for improperly selling limited partnership units in GPB Automotive Portfolio LP and GPB Waste Management LP.

FINRA reported that between November 2014 and March 2018, Diamond made inappropriate investment recommendations in speculative alternative investments to two clients, contradicting their investment profiles. The initial client, a 67-year-old individual who did not qualify as an accredited investor due to insufficient annual income and net worth placed a $50,000 investment in the Automotive Portfolio in June 2015. The second client, in his early sixties with a moderate risk tolerance, invested a total of $200,000 in GPB Capital limited partnership interests within the same time frame.

FINRA has sanctioned over a dozen broker-dealers for engaging in similar alleged misconduct regarding the sale of GPB offerings. According to DIWire, Diamond agreed to a four-month suspension from all roles associated with FINRA members and a $5,000 fine.

 

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

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

September 18, 2025
Easterly ROCMuni Fund Collapse Triggers Investor Lawsuits

The Easterly ROCMuni High Income Municipal Bond Fund (tickers RMHIX, RMHVX, RMJAX) suffered a significant collapse in mid-2025, wiping out hundreds of millions in value and leaving many investors with steep losses.

September 17, 2025
FINRA Suspends Centaurus Dallas Broker Over Excessive Alternative Investment Sales

FINRA has suspended a Centaurus Financial broker, William Burks, for four months after finding he placed as much as 91 percent of a client’s net worth into illiquid alternative investments.

September 16, 2025
Former Morgan Stanley Advisors Win Partial Court Victory in Client Solicitation Dispute

Two former Morgan Stanley advisors in Hackensack, New Jersey have defeated Morgan Stanley’s initial effort to block them from soliciting clients, according to an August 15 order from New Jersey Superior Court.