Madison Avenue Securities, LLC Broker Dennis Cirbo GPB Investment Losses
Posted on Tuesday, January 5th, 2021 at 8:52 pm
Were you the victim of Madison Avenue Securities, LLC broker Dennis Cirbo (CRD# 733633), who is accused of recommending unsuitable GPB Capital Holdings investments? Cirbo has been registered with Madison Avenue Securities, LLC in Lakewood, Colorado since 2011.
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.
Cirbo has been the subject of two customer complaints between 2010 and 2020, according to his CRD report. The most recent complaint is regarding:
September 2020. “Unsuitable recommendation of GPB Automotive.” The customer is seeking $155,000 in damages and the case is currently pending. The complaint was regarding direct investments.
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, Madison Avenue Securities, LLC may be liable for investment or other losses suffered by Cirbo’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.