Erez Law is currently investigating McNally Financial Services Corporation broker Daniel Poland (CRD# 1230652) regarding GPB Capital Holdings investment losses. GPB Capital Holdings is now alleged to be a $1.8 billion Ponzi scheme that was unsuitably recommended to more than 17,000 investors across the country at more than 60 brokerage firms.
GPB Capital Holdings is a New York-based investment firm that offers exempt, private-placement securities. These investments inherently have a high degree of risk due to their nature as unregistered securities offerings (and without regulatory oversight). It is alleged that brokerage firms that sold GPB Capital Holdings and their brokers who recommended GPB Capital Holdings to their clients may not have conducted appropriate due diligence on the funds. It is alleged that brokers across the country made over $160 million in commissions, earning a high 8% commission (1% for the broker dealer and 7% for the broker).
Poland has been registered with McNally Financial Services Corporation in San Antonio, Texas since 2007. Previously, Poland was registered with Park Avenue Securities LLC in New York, New York from 1999 to 2005, when he was terminated regarding, “Mr. Poland engaged in an outside business activity but did not give pas prior written notice, nor get prior written approval.”
Poland has been the subject of one customer complaint in 2005 that was settled, according to his CRD report.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, McNally Financial Services Corporation may be liable for investment or other losses suffered by Poland’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.