Did You Purchase GPB From William Crafa Of Royal Financial Associates?

Broker William Matthew Crafa and wealth management firm Royal Alliance Associates, Inc are the subject of a FINRA claim on behalf of investors regarding the solicitation and recommendation to purchase GPB Capital Holdings private placement securities.

GPB Capital Holdings, a New York-based “alternative asset investment firm” that invests in car dealerships and trash hauling companies, has been the subject of a tremendous amount of bad news lately. After raising $1.8 billion for its private placement funds over 10 years, in 2018 GPB announced it would stop raising new money to focus on fixing accounting and financial statements for its two largest funds, GPB Automotive Portfolio and GPB Holdings II.

GPB The Subject Of Multiple Investigations

GPB Capital Holdings restated financial statements for 2015 and 2016, and in 2018 its auditor resigned. The company is being investigated by the state of Massachusetts, FINRA, the SEC, and the New Jersey Bureau of Securities. If that weren’t enough, the FBI raided its New York offices. And the New York City Business Integrity Commission, which oversees the city’s private trash industry, is also investigating the company.

Fortunately for people who’ve lost money investing in GPB, they may have an opportunity to recover some of their losses. FINRA, the Financial Industry Regulatory Authority, requires broker dealers to make suitable recommendations to their customers and to do due diligence into investments they recommend. Also, brokerage firms are obligated to supervise their brokers to ensure they make suitable recommendations to their clients.

A failure in those obligations, such as a broker recommending risky private placement investments in GPB for an unsophisticated client who wants to be conservative with their money, can be grounds to recover losses through a FINRA dispute resolution claim.

The claim against William Crafa and Royal Alliance Associates is not the only one involving GPB. Silver Law Group, a nationally recognized securities and investment fraud law firm, is investigating broker-dealers and brokers that sold GPB to their clients.

Sagepoint Subject Of Claims Regarding GPB Capital

In 2019, Silver Law Group filed claims against Sagepoint Financial for losses related to GPB Capital Holdings. Silver Law Group’s clients allege that Sagepoint failed to conduct adequate due diligence and overconcentrated their accounts in GPB Capital. Further claims allege that Sagepoint was motivated by high commissions and revenue.

Did you invest in GPB Capital Holdings with William Crafa, Royal Alliance Associates, Sagepoint, or anyone else? The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action.

About Silver Law Group

Silver Law Group represents investors in securities and investment fraud cases. Scott Silver is a leading national advocate for investors and is the chairman of the Securities Fraud Group of the American Trial Lawyers. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.