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

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

September 15, 2025
California Young-Gun Investor Charged in Alleged $6 Million Ponzi Scheme

Federal prosecutors have accused Mihir Deepak Sukthankar, a California resident once celebrated as a teenage trading “prodigy,” of orchestrating a multi-million-dollar Ponzi scheme.

September 12, 2025
LPL Broker Fined and Suspended for Recommending Risky Investments to Elderly Client

An LPL Financial broker in Elizabethtown, Kentucky, has agreed to sanctions after FINRA found he violated Regulation Best Interest (Reg BI) when recommending unsuitable investments to an elderly customer.

 

September 11, 2025
Montana Federal Judge Allows Family's Premium Financing Claims to Proceed

A federal judge in Montana has allowed a family to move forward with negligence, fraud, and unjust enrichment claims tied to a premium-financed life insurance arrangement valued at $67.5 million.