Silver Law Group Represents GPB Investors In Claims Against HighTower

On August 13, 2021, a FINRA arbitration panel ordered Respondent HighTower Securities LLC to fully refund its investor-customer’s purchases of GPB Automotive Portfolio LP and GBP Waste Management LP, which the investor had made in reliance upon the advice and recommendations of HighTower Securities. That investor presented substantial evidence to the FINRA arbitration panel that HighTower Securities failed in its obligations to conduct adequate due diligence regarding GPB Capital and its affiliates.

The SEC has charged GPB Capital and its affiliates with running a “Ponzi-like” scheme that raised approximately $1.8 billion. Much of that total was invested in the following funds:

GPB Holdings, LP / GPB Holdings Qualified, LP
GPB Automotive Portfolio, LP
GPB Holdings II, LP
GPB Waste Management, LP / Armada Waste Management, LP

Financial advisors such as HighTower Securities LLC are being found responsible for investors’ GPB losses based upon evidence that they failed in their obligations to adequately investigate GPB and/or turned a blind eye to red flags concerning GPB’s finances and business operations when recommending GPB funds to their clients.

Broker-dealers are supposed to recommend only suitable investments to their clients and perform due diligence on the products they sell. FINRA-registered brokers and firms are subject to arbitration to resolve disputes.

Silver Law Group currently represents investors in FINRA claims against HighTower Securities LLC and several other broker-dealers who sold GPB funds to investors, and reportedly filed the first GPB-related stockbroker arbitration claim in 2019. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded in the GPB Ponzi-like scheme.

Silver Law Group represents investors who have been the victims of investment fraud. Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities and investment fraud cases. Please contact Scott Silver of Silver Law Group for a no-cost consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.