NEW YORK CITY — September 18, 2019 — The beleaguered GPB Capital Holdings is dealing right now with scrutiny from the Securities Exchange Commission, state regulators, and the FBI. Today, the estimated 60 brokerages and financial planning firms nationwide that profited from “commission grabs” start to feel the heat with new arbitration cases filed by the often elderly victims who suffered losses in the “grossly unsuitable” GPB Capital investments.
Today, Peiffer Wolf Carr & Kane, APLC (Peiffer Wolf) and Meyer Wilson, Co., (Meyer Wilson) filed a FINRA arbitration case in Florida on behalf of 91-year-old widow Millicent Barasch, of Boca Raton. In Oregon, Peiffer Wolf and Meyer Wilson also filed today an arbitration case on behalf of Grigory and Alexandra Kogan, a retired Russian emigre couple living in Portland.
GPB Capital has recently been telling clients that it would deliver audited financial statements for its funds by the middle of September, but now says it will blow past that deadline and won’t complete the audits until the end of this year. Now, it appears that investors are at risk of losing some or all of their GPB investments.
Audio from the September 18, 2019 news conference can be found below:
Peiffer Wolf and Meyer Wilson are currently accepting new clients and intend to continue filing additional claims for all investors who received unsuitable investment advice.
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