The SEC recently requested an emergency court action that would impose an outside monitor to oversee the private-equity firm GPB Capital Holdings LLC after years of accusations and litigation. The emergency court action followed months of trying to place a monitor, only to fail to reach an agreement with the firm voluntarily. However, in light of the filing, GPB agreed to have an independent monitor oversee the firm’s operations on Feb 11, before the court met to decide the case.
The SEC began investigating GPB as early as 2018 and investors are asking why it has taken so long for the SEC to act more assertively. New York Attorney General, Letitia James, has described GPB’s scheme as a $1.7 billion Ponzi-like scheme that has cost investors more than $700 million. New York has joined six other states, including Missouri, and federal agencies in suing the firm.
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SEC Monitor Installed at GPB Capital Holdings
GPB agrees to have an independent monitor oversee the firm’s operations before court forces the issue.
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GPB Managing Director and CCO Indicted for Obstruction of Justice
More evidence of corruption at GPB Capital Holdings stacks up as its Managing Director and CCO is indicted. According to the indictment, when MICHAEL S. COHN left his position at the SEC to take a [...]
Class Action Filed against GPB and Complicit Brokers
Embattled GPB Capital Holdings has been struck with another legal blow.
GPB Capital Faces Scrutiny, Accusations
Investors who purchased private placement funds from GPB Capital paid high commissions to brokers and have suffered significant losses. GPB is facing multiple investigations by the SEC, FBI, and state agencies. GPB describes itself [...]
