Investors may have several reasons to be concerned about their GPB investment funds. This is the subject of a future article as we follow the GPB money trail into Clearwater, Florida. PDF "In both cases, it is my belief that the extensive and deliberate GPBs statement about Highline Management, Inc: Regarding Item 7, Highline Management, Inc. (Highline) was formed in January 2020 to assume the day to day duties and responsibilities of GPB with respect to the management of the business affairs, operations and financial reporting of the various limited partnerships sponsored by GPB as well as the Portfolio Companies. Rob Chmiel - Chairman - Health Prime | LinkedIn Skelton replaced Prime Automotives Interim CEO Kevin Westfall, another AutoNation alumnus. Former AutoNation car guys are now in leading GPB Capitals Prime Automotive Group. GPB Capital Closes Sale of Prime Automotive Group to Group 1 - TMCnet President @ Highland Management Group, Inc - Crunchbase , Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. NEW HOLLAND SP.345F For Sale - 1 Listings - MARKETBOOK this Court over GPB Capital Holdings LLC ("GPB CH"). An indictment was unsealed today in federal court in Brooklyn charging three individuals affiliated with GPB Capital Holdings, LLC (GPB) with securities fraud, wire fraud and conspiracy. Our securities fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have spent nearly two years investigating GPB Capital over allegations that it ran a $1.8B Ponzi scam. Given the Gentile-Schneider undisclosed and bad faith architecture of paying excessively high commissions, paying themselves excessive fees at every step of the way, and failing to disclose their self-dealing and numerous conflicts of interests, we think there is a case to be made that GPB Capital was inherently fraudulent from the beginning.

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Defendants David Gentile, the founder, owner and Chief Executive Officer (CEO) of GPB; Jeffry Schneider, the owner and CEO of Ascendant Capital LLC (Ascendant); and Jeffrey Lash, a former managing partner of GPB, are charged with engaging in a scheme to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them and the amount of revenue generated by two of GPBs investment funds, GPB Holdings, LP and GPB Automotive Portfolio, LP. This is in direct contradiction with GPBs stated RAUM of $238 million. Highline Management 2020-2021 Managing Partner GPB Capital 2014-2020 President Cvl Advisors Group 2001-2012 Chief Financial Officer & Director, Board Soligenix 2001-2012 Education B. S. - Economics and Psychology Emory University Board Memberships & Affiliations Senior Vice President & Chief Financial Officer DOR BioPharma 2001-2017 As alleged, by paying investors from an undisclosed and improper source such as investor capital, the defendants repeatedly misled investors about the health and performance of their investments, stated Acting United States Attorney DuCharme. The allegation is that he shared that information with GPB executives and thereby acted to obstruct justice. GPB Capital Closes Sale of Prime Automotive Group to Group 1 - Insider NYC Attorney Michael Emanuel Joins GPB Capital Holdings as Chief Of course, one can easily see the highly negative results David Miscavige and the Church of Scientology have produced by adherence to Hubbards policies. Scientologist David Gentile purchased, or bought controlling interest in, several companies owned by his fellow Scientologists. In September 2018, a former compliance officer at one of the 63 broker-dealer firms selling GPB investment funds to public investors filed a federal lawsuit alleging that her broker-dealer (Purshe Kaplan Sterling Investments) sold GPB holdings investments despite serious red flags.

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The Company offers equities, portfolio management, financial planning, and advisory . 2019-0071-SG). Kinnie Ma Individual Retirement Account v. Ascendant Capital, LLC et al GPB is in the final stages of interviewing replacements. New York City attorney and private fund expert Michael Emanuel has left the venerable 140 year-old law firm Stroock & Stroock & Lavan to become the General Counsel and Chief Compliance Officer at GPB Capital Holdings.

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Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with Group 1. For over 3 years now, GPB Capital investors have been getting more and more bad news. Embattled fund manager GPB Capital sells 30-acre cold storage parcel GPB Capital | 3,643 followers on LinkedIn. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. The SEC charged investment adviser GPB Capital Holdings and three executives with defrauding over 17,000 retail investors in a Ponzi-like scheme that raised over $1.7 billion on Thursday. But who are the officers? Highline Capital Management LP - Company Profile and News Page 1 of 1. Does Your Religion Pay You Commissions? GPB Private Placement Investors Continue to File Fraud Lawsuits Against Broker-Dealers. Published By Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here. GPB Scientific LLC, and GPB Waste Management LP formerly: GPB Waste Management Fund LP. VIDEO: Finally, Scientific Proof that Scientologys Body Thetans Cannot Exist. The GPB Capital Holdings Brochure of August 12, 2020 confirms that Highline Management, Inc. has taken over the daily operations of GPB: `. 2019-2020: GPB Capital Holdings aggregate loss is $1.561 billion. GPB Capital Holdings Ordered into Receivership - EIN News The taxpayer number is #32079004860. }}
GPB also openly complains of the high costs to become compliant: In another paragraph, GPBs Brochure Part 2 quite openly describes the self-dealing and conflicts of interest inherent in the deliberately-constructed relationship between GPB Capital, Ascendant Alternative Strategies, and Ascendant Capital: The document further states, GPBs Founder and Chief Executive Officer, is an indirect minority owner of AAS (but not Ascendant Capital). 4A. In other words, investors were saying that GPB Holdings was paying investors with new investors funds, thus the definition of a Ponzi scheme. A Ponzi scheme is where people are promised a return and paid money from other investors. I have to admit that even I, a financial industry professional, am baffled as to whats going on here. GPB Capital Holdings at the end of June reported a sharp decline in its regulatory assets under management over an 18-month period and several changes in management and financial oversight. I seem to recall reading that some of the investors either were promised or actually got distributions starting immediately after contributing. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. Scientology Fair Game: Cult Leader David Miscavige Orders Attacks on Marc Headley and His Business, US Federal Prosecutor Now Investigating Retired LAPD Cop & Scientology Pal Captain Cory Palka for Corruption, Subpoena-Evader and Thug Life Scientology Leader David Miscavige Served a Subpoena by a US Federal Court on Valentines Day 2023, Scientologist David Gentile Goes Down in Flames in the Pretrial Phase of His US Federal Criminal Case. The fact that Stroock slashed the salary of equity partners 20% this past May might have been a factor in Emanuels decision to jump from Stroock, a prestigious firm that brought in $258 million in gross revenues in 2019. NEW YORK, Nov. 18, 2021 /PRNewswire/ -- GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of Prime Automotive Group to Group 1 Automotive, Inc. ("Group 1"), an international, Fortune 500 automotive retailer with 217 dealerships located in the U.S., U.K., and Brazil.This closing completes the purchase of substantially all the assets, including real estate, of 27 Prime Automotive . How many securities arbitration cases have you actually tried during the past 30 years? As we allege today, however, this was all a lie. Most investors were unaware of the losses until they received notices from their broker-dealers. Fair Game: Leah Remini & Mike Rinders Podcast, The Aftermath Foundation: Help for Those Who Want to Leave the Sea Org, Scientologys Membership Contract Goes Down in Flames in Court, Chris Shelton's Sensibly Speaking Podcast, Dr. Steven Hassan's Freedom of Mind Resource Center, Stefani Hutchison's Confront & Shatter Blog, The Aftermath Foundation: Helping Those Who Have Left the Sea Org, We reported on GPB Capital Holdings staggering $700 million loss, International Association of Scientologists, THE WhistleBlowers | THE DNA OF SCIENTOLOGY Lying, Greed & Fair Game, Scientologist David Gentile Arrested by the FBI on Charges Related to His $1.8 Billion GPB Capital Holdings Ponzi Scheme The Scientology Money Project, THE WhistleBlowers | SCIENTOLOGIST DAVID GENTILE, Jeffry Schneider (the owner + CEO of Ascendant Capital LLC) + Jeffrey Lash (a former managing partner of GPB) ARRESTED BY FBI ON CHARGES Related to His $1.8B GPB Capital Holdings Ponzi Scheme that cheat, Wall Street Journal: GPB Capital to Sell Its Flagship Prime Automotive Group The Scientology Money Project, Church of Scientology International(158), Proof that L. Ron Hubbard Did Not Create Scientology: The Prelude Part 1. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. A GPB Capital class action lawsuit against GPB was registered in a Texas US District Court. The document, seen by FX News Group, recommends continuation of the monitorship. Also in July, investors of the GPB Capital Holdings II were told that they would not be getting the key documents they needed to submit with this years tax filingsa deadline that was already postponed by three months due to COVID-19. If you purchased GPB and you have realized or unrealized investment losses, you should consult an attorney. A lock ( Ch. You put your money in, wait 5-10 years, and then the portfolio companies are either sold or go public, and you get a much higher return than if you took distributions along the way. PDF United States District Court Eastern District of New York Securities The governments case is being handled by the Offices Business & Securities Fraud Section. What is your track record? The AUM vs RAUM question also speaks to the civil complaint against GPB Capital Holdings filed by the Commonwealth of Massachusetts.

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8-K: GPB Automotive Portfolio, LP - MarketWatch According to GPB, it raised $1.8 billion from investors and reportedly paid out more than $165 million in commissions to brokers and financial advisors that recommended GPB funds to investors. WHY GPB CAPITAL HOLDINGS CANNOT STATE THE TRUE VALUE OF ITS ASSETS. The $1.8 billion number has also been used in the Kinnie Ma lawsuit and other lawsuits. Therefore, we ask if GPB Capitals inner circle (Gentile and Schneider) would fully disclose everything to Highline. Secure .gov websites use HTTPS . GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. Before working for the alternative asset firm, the ex-CCO was a US Securities and Exchange Commission (SEC) examiner. GPB Capital Closes Sale of Alliance Physical Therapy - Insider 21st century robber barons! Welcome to ComplianceWeek.com. Specifically, GPB stated that its inability to hire a valuation firm resulted in its June 2020 RAUM being wholly based upon June 2019 numbers (emphasis ours): In our view, GPBs complexity and dishonesty explain why no third-party valuation firm would want to do business with GPB Capital Holdings. In those allegations, information (from 2016) appeared to suggest conflicts of interest, including investor funds potentially being utilized for personal business interests. Highline Capital Management, L.P. operates as an investment management firm. A large number of them have filed lawsuits (FINRA) to recover losses. Thats a huge red flag a long-term private equity investment is supposed to focus on long-term capital appreciation instead of current income. GPB Capital Investment Recovery The company is a New York based alternative asset management firm that is believed to have raised 1.8 billion dollars in capital for several funds. Jeffrey Schneider, GPBs placement agent Ascendant Capital, David Gentile, and Jeffrey Lash, both executives of GPB, have been charged with wire fraud, securities fraud, and conspiracy against 17,000 investors. A more recent docket listing may be available from PACER . The Monitor goes on to describe the process by which he, alongside the GPB Capital and Highline management teams, are continuing work to analyze the optimal path forward for the assets that remain in the GPB Funds: "In the same thoughtful, deliberate and thorough manner that we collectively approached the Highline currently oversees on GPB's behalf all day-to-day functions of the Partnership and its subsidiaries, including management of all underlying assets, human capital, accounting and financial reporting, and operations pursuant to a Management Services Agreement ("MSA"). U.S. Attorney's Office, Eastern District of New York, The Defendants Allegedly Misrepresented GPBs Performance and Paid Distributions with Investor Funds, Securities, Commodities, & Investment Fraud, GPB Capital Founder and CEO Among Three Individuals Indicted in Private Equity Investment Fraud, Nigerian National Pleads Guilty to Multi-Million Dollar Fraud Schemes and Money Laundering, Sanctions Evasion and Money Laundering Charges Unsealed Against Specially Designated Global Terrorist Mohammad Bazzi and Talal Chahine, Ozy Media and Its Founder Carlos Watson Indicted in a Years-Long Multi-Million Dollar Fraud Scheme, GPB Capital Founder and CEO Among Three Individuals Indicted In Private Equity Investment Fraud. Ponzi schemes always fail at the cost of investors substantial losses. GPB Capital Closes Sale of Alliance Physical Therapy | citybiz Eventually, Gentile sought to fully integrate and take control of Ascendant Capitals broker-dealer activity, and registered his own broker-dealer. Invest in GPB? Xenu Who? In its June 2020 ADV, GPB admitted to its inability to hire a third-party Valuation Service Provider in 2019. CA No. David Gentiles GPB Capital Holdings website has been disabled and is non-operational at this writing. Highline Capital Management, L.P., is a New York City-based investment firm that focuses on mid and large capitalization U.S. equities long and short. June 2020: David Gentile, sole manager of GPB Capital Holdings, had GPBs Chief Compliance Officer Aileen Doherty file the SEC-required Form ADV on June 30, 2020. Jefferies LLC acted as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisor to Highline Management Inc., and Akerman LLP acted as legal adviser to Prime Automotive Group in connection with the Transaction. GPBs regulatory assets under management does not include the assets of certain GPB-managed Companies, which are holding companies that are (i) excluded from the definition of investment company under the 1940 Act; and (ii) do not otherwise meet the definition of securities portfolios for the purposes of calculating an advisers regulatory assets under management. In truth, a significant portion of GPBs distributions were paid directly from investor funds. What did they know, what did they recommend, and when did they recommend it to retail clients, and what exactly were those recommendations based upon? 6. First, be aware that an investor has a limited time window to recover losses. Emanuel joins a handful of other high-caliber non-Scientology lawyers who find good money working in Scientologys orbit where the invisible hand of L. Ron Hubbard guides things from the beyond through the written policies he left behind. With todays guilty plea, Modile is revealed as a prolific fraudster and money launderer who has left a trail of fake documents, plundered bank accounts, and financial victims from Brooklyn A three-count indictment was unsealed today in United States District Court for the Eastern District of New York charging Mohammad Ibrahim Bazzi, a Lebanese and Belgian citizen, and Talal Chahine As alleged, Carlos Watson is a con man whose business strategy was based on outright deceit and fraud he ran Ozy as a criminal organization rather than as a Eastern District of New York The promise was (IIRC) 8% per month, in other words 96% per year, in other other words, doubling your investment every year. How much did Scientologist David Gentile put into the Church of Scientologys coffers via the IAS, Hubbard College, and its many other front groups? We represent investors in their Financial Industry Regulatory Authority (FINRA) arbitration claims against the broker-dealers and brokers who earned commissions from these GPB private placement sales. Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. This leads to our next point: 4. Modern times and financial oversight have limited people from making a traditional Ponzi scheme. The contact form sends information by non-encrypted email, which is not secure. PDF United States District Court Eastern District of New York Securities Who owns Highline Management, Inc.? As for the Church of Scientology, I smell COLLSION.. and it stinks. GPB was formed in March of 2013 and is owned by David Gentile. GPB-Capital-Holdings-Brochure-Form2A, Categories: The Scientology Money Project, Tagged as: ADV, Ascendant Alternative Strategies, Ascendant Capital, David Gentile, Evan Myrianthopoulos, GPB Capital Holdings, Highline Management, jeffry schneider, Jovan Sijan, L. Ron Hubbard, Mark Martino, Michael Cohn, Michael Emanuel, Robert Chmiel, Stroock. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. The question in those cases may be whether the financial advisor had a conflict of interest or otherwise breached his or her fiduciary duty by stepping in front of the clients best interest as a result of the commission structure of GPB Holdings.

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"We are actively working with our independent Monitor on a plan to distribute the available proceeds from the transaction to GPB Capital's partnership investors. An audit can only be as accurate as the party being audited provides honest and correct information and opens its books fully. In October 2019, GPBs Chief Compliance Officer was indicted. KUHN GMD2850TL Online Auctions at EquipmentFacts.com. Nearly a year after he was charged with obstruction of justice, Michael Cohn, the former Chief Compliance Officer of GPB Capital Holdings, has pleaded guilty to the misdemeanor crime of theft of government property. Wait and see does not appear to be a viable recovery option. Later in June 2019, GPB informed investors that updated valuations had decreased even further, some by another -25%. GPB Capital's Cash Pile Rises Sharply Following Sales - WSJ hbbd```b``: "ZO,` "`63 3(%$cH 1' gT#30` =EI GPB Capital reports nearly $200 million drop in AUM Pa. 18-cv-01826. Concurrent with reaching an agreement in principle with M&T Bank on December 28, 2021, to allow for distributions to the Partnership and GPB Holdings II, LP, Highline management, on behalf of GPB, commenced the plan to liquidate the Partnership's remaining net assets and wind up the Partnership ("Plan of Liquidation"). There is a potential statute of limitations and potential FINRA customer dispute resolution rules, including a potential six-year eligibility rule. ELITE TRAILER MFG Trailers Auction Results. GPBS INABILITY TO HIRE A THIRD-PARTY VALUATION SERVICE PROVIDER & WHAT IT MEANS. Gentile and Schneider worked closely together on the founding, development, operation and marketing of the GPB Funds.

}, National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. July 2019: We reported on GPB Capital Holdings staggering $700 million loss across all of its funds. GPB told prospective investors that it would purchase, among other assets, income-producing auto dealerships and waste management businesses with capital from investors, promising them 8% returns . Last year GPB Capital Holdings plunged from $1.8 billion to $1.1 billion Regulatory Assets Under Management. Attorney Michael Emanuel is the new General Counsel and Chief Compliance Officer for GPB Capital Holdings. There are potential statute of limitations, and potential FINRA customer dispute resolution rules, including a potential six-year eligibility rule.

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GPB Capital provides their portfolio companies with the strategic planning, managerial insight and capital needed to enable strong businesses to work towards the next level of growth and profitability. . Intuit Announces 2023 Cohort of Toronto Startup Accelerator Program It has been reported that the Securities and Exchange Commission (SEC) launched an investigation. Myrianthopoulos may have been behind the scenes in the arrangement for Soligenix to lease its headquarters from a partner of GPB Capital Holdings. As stated in the Massachusetts complaint against GPB: Ascendant Capital is wholly-owned by Gentiles business partner Jeffry Schneider. Given the foregoing information, we must ask if the $239 million RAUM is a meaningful number at all or just more private equity trash. GPB Automotive Portfolio, LP. The Managed Funds Associations short precis on RAUM: Categories: The Scientology Money Project, Tagged as: Aileen Doherty, Ascendant Alternative Strategies, Austin Lake Technologies, AutoNation, David Gentile, Dodd-Frank Act, GPB Capital Holdings, Highline Management, Inc., International Association of Scientologists, Jeff Lash, Jeffrey Augustine, jeffry schneider, Kevin Westfall, Kinnie Ma lawsuit, Mark Martino, Mike Frost, Regulatory Funds Under Management, Scientology, Securities and Exchange Commission, Tom Hawkins. Such statements do not appear to be enough to calm most investors in light of the list of other prior events. The financial advisors making recommendations to investors to continue to hold their GPB investments have no additional information to answer these questions.