Gary Ginsberg, Former Royal Alliance Broker, Sold GPB Capital

Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme.

Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation.

GPB Capital Investments Don’t Perform For Investors

GPB Capital Holdings is an alternative asset management company founded in 2013 by Scientologist David Gentile. The company raised $1.8 billion by having broker-dealers across the country sell private placement investments to retail investors.

GPB said it would deliver returns to investors by buying and managing income producing companies such as car dealerships and garbage companies. The investment was illiquid, meaning it couldn’t be sold, but investors were drawn to the high dividends.

Owning GPB has not gone the way investors had hoped. The attractive dividend is no longer being paid. The company is being sued by a former business partner and investors, and investigated by FINRA, the SEC, and the New York Business Integrity Commission. In November, 2019, GPB’s Chief Compliance Officer and Managing Director was criminally indicted for obstruction of justice.

Despite the bad news, GPB investors have no choice but to hold GPB and risk further losses in the value of their investment. However, it is possible to recover losses by filing FINRA arbitration claims against the broker-dealers who sold the investment to them. Brokers have an obligation to only recommend investments that are suitable to their clients. FINRA arbitration provides investors a means of resolving disputes without the time and expense of the court system.

Silver Law Group has filed FINRA arbitration claims on behalf of investors against broker-dealers such as SagePoint, which like Royal Alliance Associates, is part of the Advisor Group network of wealth management companies.

Gary Ginsberg Disclosures

Ginsberg has been in the securities industry since 1983 and has 5 disclosures on his publicly-available FINRA BrokerCheck report, including 4 customer disputes and 1 regulatory disclosure:

September, 2020: A customer dispute alleged that “Royal Alliance’s due diligent review of an alternative investment was unreasonable.” $100,000 in damages was requested. The dispute is pending as of this writing.

August, 2020: A customer dispute alleges that “the purchase of a non-traded REIT was unsuitable.” $5,000 in damages was requested and the dispute is pending as of this writing.

May, 2019: A customer dispute alleged that Ginsberg “exposed claimant’s principal to unwanted and unreasonable risk.” $151,000 in damages were requested and the case settled for $12,500.

January, 2012: A customer alleged that a “beneficiary IRA account be opened in connection with the purchase of a variable annuity, but that a traditional IRA was opened instead and that this allegedly caused an increased tax liability.” $40,000 in damages were requested and the case settled for $30,000.

December, 2010: A regulatory disclosure initiated by the State of New York Insurance Department stats that an investigation was conducted into “the sale of annuity contracts in NY by company not authorized to sell products in NY.” A sanction of $20,600 was recorded.

Recover Gary Ginsberg Or GPB Losses Through FINRA Arbitration

Silver Law Group is a nationally-recognized investment fraud and securities arbitration law firm with extensive experience recovering losses for investors through FINRA arbitration. Our GPB attorneys have filed FINRA or securities arbitration claims in Florida, California, Michigan, and elsewhere.

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 nationwide in securities investment fraud cases. If you have investment losses, contact Scott Silver of the Silver Law Group for a no cost consultation to discuss your options at ssilver@silverlaw.com or toll free at (800) 975-4345.