GPB And Advisor Group
In February of 2020, Advisor Group acquired Ladenburg Thalmann and its subsidiaries, including Triad Advisors. Advisor Group already owned SagePoint Financial, Royal Alliance, and other brokerage firms. So with the mounting claims against GBP Capital, Advisor Group now has become one of the many investment firms facing allegations of negligence, misconduct, or fraud by its financial advisors and stockbrokers.
Triad Advisors is one of over 60 broker-dealers that sold GPB Capital Holdings investments to its customers. On February 4, 2021, the U.S. Department of Justice and the SEC charged GPB Capital Holdings, its officials, and other affiliated entities with making material misrepresentations, violating whistleblower laws, and defrauding over 17,000 investors in a $1.7 billion Ponzi-like scheme.
The Department of Justice and SEC allege that David Gentile, GPB Capital’s owner and CEO, and Jeffry Schneider, owner of a GPB affiliate called Ascendant Capital, falsely told investors that an 8% annualized distribution payment came exclusively from monies generated by the company’s portfolio companies. An investigation revealed that the distribution actually came from new investor contributions. The Department of Justice also charged Jeffrey Lash, a former managing partner at GPB, with manipulating financial statements to further the Ponzi scheme.
Silver Law Group, An Experienced GPB Fraud Law Firm
Silver Law Group, a nationally-recognized securities and investment fraud law firm. We have extensive experience recovering losses for investors through FINRA arbitration and in court. And our GPB attorneys have filed FINRA or securities arbitration claims in multiple states, including Florida, California, and Michigan.
Scott Silver, managing partner of Silver Law Group, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors across the country in securities investment fraud cases. To talk with an experienced attorney about how you can recoup your GPB losses, call us today at 1-800-975-4345 or email Scott Silver at ssilver@silverlaw.com.