Did Great Point Capital LLC Broker Scott Kemps Recommend You Invest in Unsuitable GPB Capital Holdings Investments?
Posted on Thursday, June 24th, 2021 at 4:43 pm
Erez Law is currently investigating Great Point Capital LLC broker Scott Kemps (CRD# 1849069), who is accused of recommending unsuitable GPB Capital Holdings investments. Kemps has been registered with Great Point Capital LLC in Melbourne, Florida since 2014 and withBlueskye Investment Advisers, LLC in Orlando, Florida since 2014.
In October 2014, the Florida Office of Financial Regulation sanctioned Kemps to a $5,000 civil and administrative penalty and fine regarding allegations that he conducted investment advisory business from offices within this state without the benefit of lawful registration resolution.
Kemps has been the subject of four customer complaints between 1999 and 2021, one of which was closed without action, according to his CRD report. The most recent complaints are regarding:
March 2021. “Claim alleges lack of due diligence, negligence, breach of fiduciary duty, lack of suitability, statutory fraud and breach of contract RE sale of GPB Funds. Broker dealer named, registered rep not named but said to make unsuitable recommendations as part of claim.” The customer is seeking $600,000 in damages and the case is currently pending. The complaint took place while Kemps was registered with Great Point Capital LLC and was regarding private placements.
February 2021. “Client is claiming that three DPP investments recommended to her between 2015 and 2020 were unsuitable.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint took place while Kemps was registered with Great Point Capital LLC and was regarding direct investments and LP interests.
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, Great Point Capital LLC may be liable for investment or other losses suffered by Kemps’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.