GPB CAPITAL HOLDINGS, LLC, GPB AUTOMOTIVE PORTFOLIO, LP & ARMADA WASTE MANAGEMENT, LP
GPB limited partnership investors continue to remain in the dark as to the fair market value of their limited partnership investments and the company has refused to provide a specific date as to when the information will be forthcoming.
Although GPB Automotive Portfolio and GPB Holdings II have raised $622.1 million and $645.8 million respectively from over 6,000 investors each, investors in these funds still have yet to be given information disclosing the fair market value of their investments. Further, because GPB funds have over $10 million in assets and 750 or more shareholders, the companies are required to file certain disclosure reports with the SEC.
More alarming however, are the counter claim allegations made by Patrick Dibre in an answer he filed in response to a lawsuit filed by GPB arising from the sale of certain car dealerships to GPB. According to Dibre’s counter claims filed in New York Supreme Court for the County of Nassau, GPB was “… a very complicated and manipulative Ponzi scheme …” which was “… designed from inception to … defraud … investors by siphoning off the profits and profitability of the dealerships and using new investor funds to pay for the promised returns to the earlier investors.” See, [Doc.#51], p. 23 Verified Answer to Amended Verified Complaint and Counterclaims filed 3/19/2018 by Patrick Dibre (Index No. 606417/17).
GPB limited partnership interests are high risk and only suitable for sophisticated investors capable of losing their entire investment. If you invested in GPB based upon the advice of a broker or investment advisor and you believe such may have been inappropriate for your investment needs or sold to you in a misleading way, you may have the right to recover your investment losses.
The law firm of Richard A. Nervig, P.C. represents individual investors who have suffered financial losses due to fraud, Ponzi schemes, unsuitable investment recommendations and other abusive securities sales practices.
If you have investment losses in excess of $100,000 please call my office at (800) 837-0441 for a free consultation.
According to the Form D filed by GPB Automotive Portfolio, LP with the Securities and Exchange Commission on or about May 14, 2018 the following broker dealers were involved in sale of GPB securities: Axiom Capital Management, Inc, Ascendant Alternative Strategies, LLC, ACCELERATED CAPITAL GROUP, ADVISORY GROUP EQUITY SERVICES LTD., AEGIS CAPITAL CORP., AMERICAN CAPITAL PARTNERS, LLC, ARETE WEALTH MANAGEMENT, LLC, ARKADIOS CAPITAL, AUSDAL FINANCIAL PARTNERS, INC., AVERE FINANCIAL GROUP, LLC, BCG Securities, Inc., BENJAMIN & JEROLD BROKERAGE I, LLC, CABOT LODGE SECURITIES LLC, CALTON & ASSOCIATES, INC., CAPE SECURITIES INC., CAPITAL INVESTMENT GROUP, INC., CENTER STREET SECURITIES, INC., COASTAL EQUITIES, INC., CONCORDE INVESTMENT SERVICES, LLC, CONCORDE INVESTMENT SERVICES, LLC, CRYSTAL BAY SECURITIES INC., EMERSON EQUITY LLC, GENEOS WEALTH MANAGEMENT, INC., MCNALLY FINANCIAL SERVICES CORPORATION, KALOS CAPITAL, INC., IBN FINANCIAL SERVICES, INC., CROWN CAPITAL SECURITIES, L.P., MONEY CONCEPTS CAPITAL CORP., NATIONAL SECURITIES CORPORATION, ORCHARD SECURITIES, LLC., PARITER SECURITIES, LLC, SANDLAPPER SECURITIES, LLC, VESTECH SECURITIES, INC., STEPHEN A. KOHN & ASSOCIATES, LTD, WESTERN INTERNATIONAL SECURITIES, INC., INTERNATIONAL ASSETS ADVISORY, LLC, HIGHTOWER SECURITIES, LLC, INNOVATION PARTNERS LLC, KINGSBURY CAPITAL, INC., SENTINUS SECURITIES LLC, VANDERBILT SECURITIES, LLC, WESTPARK CAPITAL, INC. , COLORADO FINANCIAL SERVICE CORPORATION, DAVID A. NOYES & COMPANY, DAWSON JAMES SECURITIES, INC., DEMPSEY LORD SMITH, LLC., DFPG INVESTMENTS, INC., DINOSAUR FINANCIAL GROUP, L.L.C, FSC SECURITIES CORPORATION, GREAT POINT CAPITAL LLC, LANDOLT SECURITIES, INC., LEWIS FINANCIAL GROUP, L.C., LOWELL & COMPANY, INC., MADISON AVENUE SECURITIES, INC., MCDONALD PARTNERS LLC, MOLONEY SECURITIES CO., INC., MSC – BD, LLC, NATIONAL SECURITIES CORPORATION, NEWBRIDGE SECURITIES CORPORATION, PURSHE KAPLAN STERLING INVESTMENTS, ROYAL ALLIANCE ASSOCIATES, INC., SAGEPOINT FINANCIAL, INC . SCF SECURITIES, INC., SILBER BENNETT FINANCIAL, INC., TRIAD ADVISORS LLC, UHLMANN PRICE SECURITIES, LLC, WHITEHALL-PARKER SECURITIES, INC., WINDSOR STREET CAPITAL, LP, WOODBURY FINANCIAL SERVICES, INC