New Secondary Sales Listing – GPB Automotive Portfolio LP
The White Law Group is currently investigating potential claims involving broker dealers who may have improperly recommended GPB Automotive Portfolio LP to investors. If you have suffered losses in GPB Automotive Portfolio LP, you may have recourse through FINRA Arbitration.
As we told you in August, GPB Capital Holdings allegedly missed an April 30 deadline to file financial statements with the regulator for two of its largest funds, GPB Holdings II and GPB Automotive Portfolio, which combined have close to $1.3 billion in investor capital. Since then, the company has reportedly put a halt to sales of the funds, and instead is reportedly focusing on straightening out their accounting and financials.
GPB Capital Update on March 1, 2019
According to reports, GPB Capital sent a letter to investors disclosing that authorities made an unplanned visit to their New York offices and collected materials at the end of February.
In the letter, the company claims to be “cooperating with inquiries from various authorities and have been producing requested documents on a rolling basis.”
The letter further stated that “On February 28, 2019, authorities came to GPB Capital’s New York offices and collected material. We believe the visit, while unscheduled, was a continuation of this process and we will remain cooperative with any inquiries.”
Liquidity Problems – Secondary Sales
Investors looking to sell private placement investments, like GPB Automotive Portfolio LP, often have difficulty finding a buyer, and can suffer significant losses on the sale.
According to Central Trade & Transfer, a secondary market for private placements, shares of GPB Automotive Portfolio LP were just listed at $40,000 for 2.6882 units. This could be at a significant loss to investors.
If you suffered losses investing in GPB Automotive Portfolio LP or another GPB Capital offering and would like to discuss your recovery options, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.
The Financial Industry Regulatory Authority (FINRA) operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute. The White Law Group represents investors in FINRA arbitration claims throughout the country.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
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