The White Law Group is investigating potential securities claims involving Triad Advisors, LLC.
Triad Advisors LLC, (CRD# 25803, Atlanta, GA) a national financial advisory firm headquartered in Atlanta, GA, reportedly has 10 disclosure events on its broker record including 6 regulatory events, and 4 arbitrations, according to the Financial Industry Regulatory Authority (FINRA).
Customer Lawsuits: Triad Advisors & GPB Capital Holdings
July 2019 – Triad Advisors was reportedly named in six customer arbitration complaints seeking $1.65 million in damages in connection with GPB private placement offerings.
There have been numerous lawsuits filed against GPB since then, alleging serious financial misconduct and accusations of an alleged Ponzi scheme.
According to reports last week, the CEO of a GPB Capital Holdings, a New York-based registered investment adviser, and two others were arrested February 4 in connection with a massive “Ponzi-like scheme” that allegedly defrauded 17,000 investors across the U.S. out of more than $1.7 billion, according to the U.S. Attorney’s Office for the Eastern District of New York.
The SEC alleges that the “Ponzi-like scheme” continued for more than four years because GPB was able to hide the funds’ financial condition from investors, neglecting to deliver audited financial information.
Triad Advisors Sanctioned for Supervisory Failures
February 8, 2021 – According to FINRA this week, the regulator has censured and fined Triad Advisors $150,000 and ordered the firm to pay restitution to investors for
supervisory failures related to switching and short-term trading of class A share mutual funds.
According to FINRA, from June 3, 2015, through July 31, 2017, a registered representative associated with Triad engaged in short-term, unsuitable purchases and sales and switching of A share mutual funds in 10 customer accounts, resulting in customer losses in nine of the accounts of $43,998.48.
Triad allegedly failed to establish and maintain a reasonable supervisory system to achieve compliance with suitability requirements regarding switching and short-term trading of class A share mutual funds and failed to supervise such trading.
In addition to the censure and fine, the firm will pay restitution of $43,998.48 plus interest.
The White Law Group Files FINRA Lawsuit against Triad Advisors
December 2020 The White Law Group filed a FINRA Lawsuit against Triad Advisors Inc. for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The suit alleges that Triad Advisors Inc. unsuitably invested its client in numerous high risk illiquid investments.
The Statement of Claim further alleges that Triad Advisors Inc. failed to perform the necessary due diligence on these investments prior to recommending them to this particular investor.
The claim seeks damages in an amount between $1,000,000.01 and $5,000,000.
Investigating Potential Claims
All broker-dealers have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Free Consultation with a Securities Attorney
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois.
If you have concerns regarding investments you purchased through Triad Advisors LLC and would like to speak with a securities attorney, please call The White Law Group at 888-637-5510.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.