Did your Geneos Wealth Management broker recommend you invest in GPB Capital Holdings, and you suffered investment losses as a result? 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, including Geneos Wealth Management.
According to public records, a former client of Geneos Wealth Management recommended their client invest in three GPB Capital funds, including The GPB Holdings II LP, the GPB Automotive Portfolio, and GPB Waste Management. The customer named Geneos Wealth Management in a $1 million complaint.
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).
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.