“Week of Reckoning” Arrives For Swindle With 2,000 Victims & Nearly $1.8 Billion in Losses; Strong Texas Connection and Lure of String of Auto Dealerships Key to Scheme.
AUSTIN, TX & NEW YORK CITY//June 30, 2020//The wheels are coming off the GPB Capital Ponzi scheme and the law firm Peiffer Wolf Carr Kane & Conway (Peiffer Wolf) turned up the heat today with a major update to their class action lawsuit and by reaching the nearly three-dozen mark in related FINRA arbitration cases seeking recovery for defrauded investors.
In the amended class action complaint filed today, Peiffer Wolf estimates that the GPB Capital Ponzi scheme has claimed up to $1.8 billion from an estimated 2,000 investors, many of whom are retirees concentrated in Texas, Florida and Arizona. Among its assortment of funds, the GPB Automotive portfolio is comprised of auto dealerships which were a particular selling point for investors. The lawsuit notes that GPB Capital’s Prime Automotive Group was “run into the ground” and is now in jeopardy of losing its association to leading auto manufacturers.
Peiffer Wolf Carr Kane & Conway, APLC is a national law firm with offices in Austin, New York, Missouri, Cleveland, New Orleans, San Francisco, and Los Angeles. www.gpblawyer.com
MEDIA CONTACT: Max Karlin, (703) 276-3255 and [email protected].
EDITOR’S NOTE: A streaming audio replay of today’s news event will be available as of 5 p.m. CT/6 p.m. ET on Tuesday, June 30th, at www.gpblawyer.com.
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