Law Firms File Claims against GPB Funds

Posted on March 6th, 2020 at 2:42 PM
Law Firms File Claims against GPB Funds

From the Desk of Jim Eccleston at Eccleston Law LLC:

Several law firms have redoubled their efforts to solicit investors in the GPB fraud Ponzi scheme. One law firm recently filed a GPB fraud case against Pruco Securities and Kalos Capital for wrongful sale of private placements, including GPB Capital on behalf of an elderly investor who purportedly has suffered investment losses over $250000. 

GPB is accused of operating a Ponzi scheme that has cost investors over $1.5 billion. The alternative asset firm remains under investigation by numerous regulatory bodies, including the Financial Industry Regulatory Authority (“FINRA”), the Securities and Exchange Commission (“SEC”), and the Federal Bureau of Investigations (“FBI”). GPB private placements are at the center of hundreds of broker fraud claims. Over 60 brokerage firms and their registered representatives made over $160 million in commissions. Investors have only losses to report as the GPB funds have dropped in value, investor redemptions have been suspended for over a year, and no audited financial statements have been prepared. 

Also, the Department of Justice (“DOJ”) charged the Chief Compliance Officer of GPB, Michael Cohn, with obstruction of justice relating to an SEC investigation of GPB.

Those with information related to GBP should contact Eccleston Law.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, gpb funds, fraud, finra

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