GPB Capital Audit Committee Reportedly Resigns after Indictment of Chief Compliance Officer
Have you suffered losses investing in GPB Holdings II LP? If so, The White Law Group may be able to help you recover your losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
GPB Holdings II LP is a private placement fund sponsored by GPB Capital Holdings, LLC, a New York-based global asset management firm.
GPB Capital has been accused of operating as a Ponzi scheme in numerous class action lawsuits and is currently under investigation by the FBI, Securities & Exchange Commission and the Financial Industry Regulatory Authority.
According to a letter to investors on November 22, the company is once again delaying the outstanding financial statement audits that investors have been waiting on for over a year and “will not be able to meet our previously communicated target completion date of year-end 2019.”
The letter states that the indictment of GPB’s former Chief Compliance Officer, “may impact the timing of completing the Partnership level audits. In light of his indictment, we have engaged a third party law firm to perform an independent investigation of the allegations related to Michael Cohn’s hiring and employment at GPB Capital.”
According to the letter, the Partnership’s auditor has “decided to suspend work on outstanding financial statement audits. In addition, the Audit Committee has elected to resign effective upon the earlier date of the completion of the Rosenberg investigation or by November 27, 2019.”
GPB Holdings II LP Lawsuits
The White Law Group continues its investigation into the liability that brokerage firms may have for recommending GPB offerings such as GPB Holdings II LP to its clients. The firm has had numerous calls from investors who have lost money investing in GPB Capital.
Broker dealers are required to perform adequate due diligence on all investment recommendations they make. They must ensure that each investment is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.
If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be liable for investment losses through FINRA arbitration.
To determine whether you may be able to recover investment losses incurred as a result of your purchase of GPB Holdings II LP, please contact The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm, visit www.WhiteSecuritiesLaw.com.