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

SEC Seeks to Have Court Appoint Receiver For GPB Capital

Posted on June 17th, 2022 at 12:53 PM
SEC Seeks to Have Court Appoint Receiver For GPB Capital

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has presented a plan to a New York federal judge that would place GPB Capital Holdings into receivership with the objective to return money to what the SEC terms “defrauded investors”.


The SEC submitted the plan after GPB’s sole owner David Gentile appointed three new managers for the company after a federal grand jury indicted Gentile on criminal fraud and conspiracy charges last year. Gentile additionally asked a judge in a parallel civil case to closely oversee the firm’s court-appointed monitor and restrict him from liquidating its investment funds.


However, the SEC alleges that Gentile’s actions violated the initial court order appointing that monitor. As a result, the SEC contends that breach enables the SEC to convert the monitorship into a receivership in an effort to protect investor funds. GPB already has liquidated nearly $1.2 billion worth of assets under the monitorship, which included the automotive dealerships that constituted the company’s largest investment.


GPB previously announced its intent to wind down its investment partnership and return money to investors, but none of the proceeds has yet to be distributed to fund partners.


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

Tags: eccleston law, gbp capital, sec

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1778997041 1772158975 1744208044 521862 Chicago Skyline Reimagined
May 15, 2026
FINRA Suspends Former Merrill Broker for Misrepresentations in Proof of Funds Letters

FINRA has disciplined a former Merrill Lynch representative after determining that he issued inaccurate and misleading statements about a client’s financial ability to complete a home purchase.

1778685786 Law
May 13, 2026
FINRA Fines J.P. Morgan Securities $3.25 Million Over Supervisory Failures in High-Risk Strategy

The Financial Industry Regulatory Authority (FINRA) has sanctioned J.P.

1778601835 Law
May 12, 2026
UBS Shifts SMA Oversight In-House, Discloses Potential Conflicts

UBS Wealth Management USA has begun restructuring how it manages separately managed accounts ("SMAs"), moving key oversight functions in-house and aligning its model more closely with competitors, according to reporting by AdvisorHub.