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6. The Company offers equities, portfolio management, financial planning, and advisory . I seem to recall reading that some of the investors either were promised or actually got distributions starting immediately after contributing. Along with our partners, were committed to exposing these frauds whenever and wherever we find themand holding the fraudsters accountable, stated FBI Assistant Director-in-Charge Sweeney. For more information on Highline Management, Inc. see our previous article: Scientologist-Owned GPB Capital Admits to Staggering Losses in Latest ADV Filing: AUM at $239 Million; Down from $1.1 Billion in July 2019. GPB Private Placement Investors Continue to File Fraud Lawsuits Against Broker-Dealers. For the last two years, GPB Capital Holdings investors have received a continuous flow of bad news about their investments, and Haselkorn & Thibaut has filed a GPB Capital lawsuit has filed numerous GPB Capital lawsuits (in the form of FINRA arbitration claims) nationwide for investors in an effort to successfully assist those investors in recovering their losses and damages. This has serious implications. Just as happened in the Bernie Madoff case, the government is required to collect the proceeds of a crime from those who received them, even if the recipients are not in any way suspected of criminal behavior. GPB is under investigation by the Financial Regulatory Authority (FINRA), the United States Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and several states and/or local regulatory agenci" }} ,

In the event that GPB and its management are charged criminally, those people who received distributions are subject to clawback rules. Given the foregoing information, we must ask if the $239 million RAUM is a meaningful number at all or just more private equity trash. That is a 45.2% plunge. Welcome to ComplianceWeek.com. 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. . United States Attorneys Office This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 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). GPB Scientific LLC, and GPB Waste Management LP formerly: GPB Waste Management Fund LP. As for the Church of Scientology, I smell COLLSION.. and it stinks. Investment fraud schemes are not only problematic for the victims they claim, but for the overall investing public who loses faith in a free-market system every time they hear of crimes like this. If we rely upon the June 2020 ADV number of $238,637,198, GPB Capital Holdings incurred a mind-blowing ~$861 million loss in one year. 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. Skelton replaced Prime Automotives Interim CEO Kevin Westfall, another AutoNation alumnus. "text": "GPB Capital Holdings was founded by David Gentile in 2013 and headquartered in New York City. Its funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies. Ascendant Capital began as a branch office of a New York-based broker-dealer but in 2017 became a branch office of the Gentile-owned broker-dealer Ascendant Alternative Strategies, LLC (Ascendant Alternative Strategies). The $1.8 billion number has also been used in the Kinnie Ma lawsuit and other lawsuits. It all seems like smoke and mirrors. We have over 50 years of experience and a 95% success rate. The point of the above paragraph is to note that it is possible that GPB paid out a lot of money in distributions, which is part of the writedown in assets. Call us now for a free consultation at, GPB Capital Holdings Lawsuit | Ponzi Scheme Allegations. After over a year, investors are still left asking what were those perceived risks and what exactly does it mean to investors if they fell outside of the auditors internal risk tolerance? A spokesperson for the company could provide no reason for such a huge loss. Most investors were unaware of the losses until they received notices from their broker-dealers. The case is currently delayed because of the coronavirus. Therefore, we ask if GPB Capitals inner circle (Gentile and Schneider) would fully disclose everything to Highline.

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A former AutoNation car guy is now on the Board of Highline Management Inc. ],

GPB serves as general partner and/or manager for various companies (each, a Company, and collectively, the Companies) which do not meet the definition of investment company and thus will not register under the Investment Company Act of 1940, as amended (the 1940 Act) and whose fund interests (Interests) are not registered under the Securities Act of 1933, as amended (the 1933 Act). The firms main owners and control persons include Gentile and Schneider. Page 1 of 1

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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. 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. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. Former AutoNation car guys are now in leading GPB Capitals Prime Automotive Group. Mr. DuCharme expressed his grateful appreciation to the Securities and Exchange Commission, New York Regional Office, for their significant cooperation and assistance during the investigation, and thanked the Business Integrity Commission and the New York City Police Department and for their support during the investigation. In other words, innocent people would have to surrender their distributions, even if they have to dig deep to do so because it was money they lived on. GPB CAPITAL HOLDINGS, LLC CRD No. Myrianthopoulos may have been behind the scenes in the arrangement for Soligenix to lease its headquarters from a partner of GPB Capital Holdings. The complaint alleges that a majority of the $1.8 billion GPB generated went into the companys owners/principles. Of course, one can easily see the highly negative results David Miscavige and the Church of Scientology have produced by adherence to Hubbards policies. Stone Living Trust, dated January 9, 1992, as amended May 24, 2005, Catherine Kominos, Stacy Greasor Individual Retirement Account, Gracemarie . Our research has shown that Soligenix Inc. leased its corporate headquarters in Princeton, New Jersey from Oestreicher Properties Inc. in 2014. Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with Highline Beta, a venture studio and venture capital firm, announced today the 2023 cohort of the Intuit Prosperity Accelerator: Toronto.. Learn how your comment data is processed. Brooklyn NY 11201, Telephone: 718-254-7000 Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. (718) 254-6323. Page 1 of 4. However, thats less likely than that either the GPB management was hopelessly incompetent, vastly overpaying for assets that really werent worth a lot, or that the whole thing was a willful fraud from the beginning. With redemptions suspended, all of the GPB Funds plunging in value, no statements provided over the value of their private placementsthat is, if they are worth anything at allinvestors are turning to the brokerage firms and their registered representatives that sold them these investments to recover their losses. Page 1 of 1. 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. 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. Brokers and financial advisors selling GPB investments are believed to have received more than $165 million in commissions. (Exact name of registrant as specified in its charter) Delaware 000-56285 35-2484347 (State or other . GPB Automotive Portfolio, LP. Suddenly, however, David Gentile apparently needs to pay two outside companies in order to help him get out of bed in the morning. GPB was formed in March of 2013 and is owned by David Gentile.

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Investors have seen GPB raided by the FBI, investigations by FINRA, Ponzi scheme allegations, and many more allegations raise serious concerns. purportedly invests in (among other industries) waste management and automobile dealership businesses. Jobs Scroll down to the bottom of this article to read the new Form ADV. 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"). David Gentiles GPB Capital Holdings website has been disabled and is non-operational at this writing. 2. There is a limited time window for an investor to recover losses. This comes right after FINRA fined two broker-dealers for GPB Capital Holdings Sales this week. A spokesperson for the company could provide no reason for such a huge loss. 83 0 obj <>/Filter/FlateDecode/ID[<59DCC3A806417C4191C61B35B149CCA1><6EB6B510CB9F6C47B18587E9308D851C>]/Index[62 37]/Info 61 0 R/Length 103/Prev 104519/Root 63 0 R/Size 99/Type/XRef/W[1 3 1]>>stream In its civil complaint against GPB Capital Holdings, Massachusetts securities regulators noted the structurally complex nature of the GPB Capital and its myriad conflicts of interest and self-dealing: By its nature, GPB Capital is structurally complex. Investors may have several reasons to be concerned about their GPB investment funds. This is due to the fact that GPB disclosed in its latest ADV that it was unable to hire a third-party Valuation Service Provider in 2019. Have a question about Government Services? Overview of operations of GPB Capital and Highline Since the appointment of the Monitor on February . His sentencing hearing is scheduled for January 2021. A large number of them have filed lawsuits (FINRA) to recover losses. Our research shows a Highline Management, Inc. as being a Delaware corporation. The taxpayer number is #32079004860. Hiding behind the skirts of their high-priced attorneys just as they did in the 19th and 20th centuries. CA No. Due diligence includes an initial investigation into the GPB investment: and that includes potential benefits, risks, and tax consequences, as well as a review and investigation of GPB itself, the underlying business, the history of the company or business as well as key individuals, and other relevant factors, including any actual or potential conflicts of interest. Finally, there are practical considerations as well in cases where investors are aware of losses and potential claims, but they choose to delay taking action. 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? How many securities arbitration cases have you actually tried during the past 30 years?

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Whether or not the funds are even currently worth the value reported by the company as the sponsor remains to be seen and has not been verified as of yet by any outside auditor firms. 5. Moreover, the property on which many dealerships sit is owned by separate companies under the GPB Capital umbrella. Given the above statement, we must ask if the $239 million RAUM is a meaningful number at all. According to its report, since the appointment of the monitor in February 2021, the two main areas of focus have included: (1) Financial Reporting and (2) GPB Investments. 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. The AUM vs RAUM question also speaks to the civil complaint against GPB Capital Holdings filed by the Commonwealth of Massachusetts. GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. See auction date, current bid, equipment specs, and seller information for each lot. If convicted, the defendants each face up to 20 years imprisonment. SSEK Law Firm has filed stockbroker fraud claims against firms such as Kalos Capital, Arkadios Capital, Money Concepts Capital, Ameriprise, Triad Advisors, and many others on behalf of investors who purchased private placements in one of GPB Capital Holdings many funds. There are potential statute of limitations, and potential FINRA customer dispute resolution rules, including a potential six-year eligibility rule. DAVID GENTILE Sort by manufacturer, model, year, price, location, sale date, and more. At Haselkorn and Thibaut, InvestmentFraudLawyers.com, our attorneys specialize in helping investors maximize the recovery of their investment losses. Skelton was the President of AutoNations Northeast US Division when he left in 2020 to take the CEO slot at Prime Automotive Group. David Gentile has been accused by investors of setting up a Ponzi scheme and connections to a Russian crime figure. %%EOF GPB.ADV.August.2020, GPB Capital Holdings Brochure: The principal purpose of each Company is to acquire controlling majority (and in many cases, wholly owned) interests, whether equity, debt or otherwise, in income-producing, middle-market private companies in North America; to provide hands-on managerial and operational assistance to such companies; and to further develop operations of such companies and increase cash flow and current income from operations.

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Investors that are worried about investing in a Ponzi scheme should consult a third-party investment lawyer. GPB Capital's business model is to raise money from investors through sales of high-commission products at dozens of independent broker-dealers and use that capital to buy businesses like. For example, GPB admits it is not fully in compliance with the reporting requirements of the 1934 Securities Exchange Act; the 1940 Act; and Sarbanes-Oxley. We use GPBs number of $1.8 billion AUM. GPB Capital's business model is all about raising money from investors selling high-commission products to scores of independent broker-dealers, then use the capital from the sales to buy businesses like trash haulers or car dealerships. Xenu Who? Sort by manufacturer, model, year, price, location, sale date, and more. Michael Emanuels name is no longer listed on Stroocks website, but it is listed on GPB Capitals most recent ADV dated August 12, 2020: The document shows Emanuel acquired his title in August 2020. 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. GPB Waste Management, and GPB Cold Storage, and raised and invested capital in a portfolio of private . TORONTO, March 2, 2023 (BUSINESS WIRE) -- Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with Highline Beta, a venture studio and venture capital firm, announced today the 2023 cohort of the Intuit Prosperity Accelerator: Toronto. We have no idea what GPBs most recent RAUM number actually means. Usually, its not hard to guess at whats at the heart of a fund falling apart, but there are so many different things apparently going on here that its really impossible to tell, and its impossible to predict how things will turn out, other than being certain that theyll end badly for investors. Mark Martinos Ascendant Alternative Strategies website has been disabled and is non-operational at this writing. Left unexplained in the Form ADV is how Health Prime, a GPB Capital portfolio company, is now owned by Mike Frosts Austin Lake Technologies.

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WHY GPB CAPITAL HOLDINGS CANNOT STATE THE TRUE VALUE OF ITS ASSETS. I have to admit that even I, a financial industry professional, am baffled as to whats going on here.

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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 Armada Waste Management: 2Q 2019 Fair Market Value is $33.3 million, or 20.5% of the Net Capital Contributions, a decline from 4Q 2018 Fair Market Value of $53.4 million, or 32.7% of the Net Capital Contributions. The narrative prosecutors can present about Cohn would be damning in front of a jury. About 60 broker-dealers made more than $167M in commissions from selling GPB private placements. Inglesino, Webster, Wyciskala & Taylor, LLC served as GPB. The popular GPB holdings investments were the GPB Automotive Portfolio, GPB Holdings ii, and GPB Waste Management. The company had been tasked with auditing one of the GPB private placement funds, Armada Waste Management. 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. Scientology Fines OTs $100,000 if They Talk About Xenu or Body Thetans! A .gov website belongs to an official government organization in the United States. Before working for the alternative asset firm, the ex-CCO was a US Securities and Exchange Commission (SEC) examiner. Learn how your comment data is processed. GPB Capital gave this number when they were at their peak and were promoting themselves as the hottest private equity fund in town as were their broker-dealers who were getting obscene commissions averaging about 8%. Highline Management, Inc. Jan 2020 - Present3 years 2 months Greater New York region Key member of the leadership team of GPB Capital's investment management subsidiary, which manages. The GPB Capital Holdings Brochure of August 12, 2020 confirms that Highline Management, Inc. has taken over the daily operations of GPB: ` 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. "acceptedAnswer": { "@type": "Answer",
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 . Gentile and Schneider worked closely together on the founding, development, operation and marketing of the GPB Funds. Taxpayer Information Franchise Tax Permit Holder Location Information Businesses in the same location Businesses in the same zip code Similar Entities As alleged, the defendants misrepresented the holdings of GPB Capital through deceptive marketing practices, luring investors with promises of monthly distributions that would be covered by funds from the investments and not drawn from underlying invested capital. The Court-appointed monitor in the SEC's action against Ponzi-like scheme GPB Capital Holdings LLC today submitted a letter at the New York Eastern District Court. Using round numbers: 2018: GPBs stated AUM is $1.8 billion. This is in direct contradiction with GPBs stated RAUM of $238 million. Thats pretty stupid but is not necessarily criminal collecting money from investors, charging them 8% to 11% commissions, then keeping the money in a money market account and just handing it back as distributions, to be taxed again is incredibly dumb, but it may or may not be a crime depending on the precise details. As was widely reported, Cohn was charged with felony obstruction of justice related to his employment at GPB Capital Holdings. Highline Capital Management, L.P. operates as an investment management firm. 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.

"mentions": [

Jeffry Schneiders Ascendant Capital website has been disabled and is non-operational at this writing. 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. It has been reported that the Securities and Exchange Commission (SEC) launched an investigation. 4. 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 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. this Court over GPB Capital Holdings LLC ("GPB CH"). 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 decision to remove GPB Funds from the National Financial Services platform was purportedly made because GPB has no clear value. A GPB executive was quoted (anonymously) to clarify that just because the custodian and clearing firm dont have a value doesnt mean there is no value in the security. See Investment News, on 6/17/19, Fidelitys National Financial Raises More Questions About GPB Private Placements. Published By Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here. 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. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. Tom Hawkins worked for AutoNation in the past. The financial advisors making recommendations to investors to continue to hold their GPB investments have no additional information to answer these questions. Private placement investments are only supposed to be sold to high net worth and accredited investors. Financial advisors and brokers recommending GPB investments to clients also had a duty to continue to monitor these investments as the information above has come to light. Age: 54 Did the discussion include your overall investment strategy and where these particular investments fit within that strategy? 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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6. The only problem is that both car dealerships and garbage haulers had already been through a wave of consolidation 20-30 years ago, and they were rolled up by really smart guys who continue to look for good acquistion candidates and have the cash in hand to snag them.