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%PDF-1.5 % , Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. Who owns Highline Management, Inc.? GPB Capital Closes Sale of Alliance Physical Therapy - StreetInsider.com Inglesino, Webster, Wyciskala & Taylor, LLC served as GPB. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. 2020: $239 million: The RAUM as stated in the June 30, 2020 Form ADV. Notably missing from the list of GPB executives is Evan Myrianthopoulos, the long-time head of Debt Strategies at the firm. GPB Capital Investment Recovery Fair Game: Leah Remini & Mike Rinders Podcast, The Aftermath Foundation: Help for Those Who Want to Leave the Sea Org, Scientologys Membership Contract Goes Down in Flames in Court, Chris Shelton's Sensibly Speaking Podcast, Dr. Steven Hassan's Freedom of Mind Resource Center, Stefani Hutchison's Confront & Shatter Blog, The Aftermath Foundation: Helping Those Who Have Left the Sea Org, We reported on GPB Capital Holdings staggering $700 million loss, International Association of Scientologists, THE WhistleBlowers | THE DNA OF SCIENTOLOGY Lying, Greed & Fair Game, Scientologist David Gentile Arrested by the FBI on Charges Related to His $1.8 Billion GPB Capital Holdings Ponzi Scheme The Scientology Money Project, THE WhistleBlowers | SCIENTOLOGIST DAVID GENTILE, Jeffry Schneider (the owner + CEO of Ascendant Capital LLC) + Jeffrey Lash (a former managing partner of GPB) ARRESTED BY FBI ON CHARGES Related to His $1.8B GPB Capital Holdings Ponzi Scheme that cheat, Wall Street Journal: GPB Capital to Sell Its Flagship Prime Automotive Group The Scientology Money Project, Church of Scientology International(158), Proof that L. Ron Hubbard Did Not Create Scientology: The Prelude Part 1. SEC Seeks GPB Capital Receiver In Effort To Thwart Ex-CEO

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The allegation is that he shared that information with GPB executives and thereby acted to obstruct justice. 4.

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There may also be issues as to whether due diligence files were properly updated as material issues, including those noted above, were made public or could have been discoverable by the firms. 6. VIDEO: Finally, Scientific Proof that Scientologys Body Thetans Cannot Exist. Our securities fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have spent nearly two years investigating GPB Capital over allegations that it ran a $1.8B Ponzi scam. GPB Capital Holdings at the end of June reported a sharp decline in its regulatory assets under management over an 18-month period and several changes in management and financial oversight. For better and worse, the car guys seem to have a great deal of influence at GPB: Patrick Dibres lawsuit: Read GPBs claim and Dibres counterclaim. Highline Capital :: Highline :: Welcome Scroll down to see GPB Capital Holdings ADV and Brochure Part 2 of August 12, 2020. It seems AutoNation alumni have an inside track at GPB Capital Holdings. As with any investment fraud or ponzi scheme, it is critical to take action."

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His sentencing hearing is scheduled for January 2021. Before working for the alternative asset firm, the ex-CCO was a US Securities and Exchange Commission (SEC) examiner. The AUM vs RAUM question also speaks to the civil complaint against GPB Capital Holdings filed by the Commonwealth of Massachusetts. There is a limited time window for an investor to recover losses.

}, National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. Publicly, GPB Capital and Ascendant Capital sought to appear as two distinct companies, but in reality, they were one-and-the-same. Attorney General James Sues Private Equity Fund Manager for Ponzi-Like

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Xenu Who? GPB Capital Holdings LLC - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and. This business model isn't usually affected by broad stock market swings. Kirkland & Ellis, LLP served as legal advisor and Houlihan Lokey.

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We Represent GPB Investors Has your firm actually filed GPB cases?

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The four-month program will help eight fintech startups refine and scale products designed to improve the financial . GPB was forced to issue this new valuation after Fidelity threatened to deplatform the company. Scientology Does! Access additional case information on PACER Use the links below to access additional information about this case on the US Court's PACER system. 271 Cadman Plaza East JOHN DEERE S180 For Sale - equipmentfacts.com This is due to the fact that GPB disclosed in its latest ADV that it was unable to hire a third-party Valuation Service Provider in 2019. Former AutoNation car guys are now in leading GPB Capitals Prime Automotive Group. Some of the information in this new brochure is astonishing. Specifically, GPB admits in this latest ADV that its June 2020 RAUM is based upon June 2019 values: Regarding the Advisors answer to Item 5(F)2, the values reflected for the regulatory assets under management are as of June 31, 2019. Brokers and financial advisors also have a responsibility to conduct an investigation. Recently, another auditor retained by GPB resigned. GPB Automotive Portfolio, LP Form 10-Q Quarterly Report Filed 2022-05-20 Similarly, did it becomes unsuitable for the investor over time? "acceptedAnswer": { "@type": "Answer",
Meantime, the SEC, FINRA, and the Federal Bureau of Investigation (FBI) are continuing in their ongoing investigations into GPB Capital Holdings, which is facing its share of class action securities fraud lawsuits and litigation from two ex-business partners. GPB Automotive Portfolio, LP. This is an outrage. Our research shows a Highline Management, Inc. as being a Delaware corporation. This has serious implications. Plaintiff: Kinnie Ma Individual Retirement Account, Karen Loch, Victor Wade Individual Retirement Account, Shirley Stone Living Trust, dated January 9, 1992, as amended May 24, 2005, Jeffery S. Gramm Individual Retirement Account, Dean Crooks, Robert A.

]

Investors have said that much of their returns were their capital and that GPB Capital Holdings. In June 2019, GPB revised its share price values down, reflecting significant losses in funds, some up to -74% of the original value. NEW YORK, Nov. 18, 2021 /PRNewswire/ -- GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of Prime Automotive Group to Group 1 Automotive, Inc. ("Group 1"), an. Scroll down to the bottom of this article to read the new Form ADV. These complaints accuse the company of operating a massive, complex Ponzi scheme.

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],

BZ WELDING Farm Equipment Auction Results - auctiontime.com Cohn was fired by GPB Capital after prosecutors charged him. In June 2019, National Financial Services, one of the largest clearing firms in the United States, reportedly removed GPB from its platform and gave clients only 90 days to move those investments to another custodian firm. Attorney General James specifically charges GPB Capital and the five additional defendants with violating the Martin Act and New York Executive Law 63(12), as well as breaching fiduciary duty and aiding and abetting a breach of fiduciary duty laws. GPB Capital and Highline achieved this by expanding Alliance's presence in key markets with favorable demographic trends, empowering providers with better tools and technology to improve the. $1.7 billion Ponzi scheme defrauded 17,000 investors, SEC says - CNN See: Toni Caiazzo Neff v. PKS Holdings, LLC et al E.D. GPBs regulatory assets under management does not include the assets of certain GPB-managed Companies, which are holding companies that are (i) excluded from the definition of investment company under the 1940 Act; and (ii) do not otherwise meet the definition of securities portfolios for the purposes of calculating an advisers regulatory assets under management. Browse our inventory of new and used HIGHLINE XL-W5 For Sale near you at MarketBook.ca. As an investor, you may want to begin by reviewing the basic information and records that you have in your . LinkedIn shows Wally Bishop, a long-time exec at Deutsche Bank, serving on the Board of Directors and the Audit Committee at Highline Management: LinkedIn also shows Tom Hawkins serving on the Board of Directors of Highline Management: On his LinkedIn page, Hawkins represents that GPB Capital Holdings (though he does not use the GPB name) has $1.5 billion in investments. Share sensitive information only on official, secure websites. In March 2017, Ascendant Alternative Strategies registered as a broker-dealer with the Securities & Exchange Commission and FINRA. Last year GPB Capital Holdings plunged from $1.8 billion to $1.1 billion Regulatory Assets Under Management. Most investors were unaware of the losses until they received notices from their broker-dealers. Thats pretty stupid but is not necessarily criminal collecting money from investors, charging them 8% to 11% commissions, then keeping the money in a money market account and just handing it back as distributions, to be taxed again is incredibly dumb, but it may or may not be a crime depending on the precise details. Given the foregoing information, we must ask if the $239 million RAUM is a meaningful number at all or just more private equity trash. The case is currently delayed because of the coronavirus. Its funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies.

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OK Skip to main content Skip to navigation Compliance Week For the last two years, GPB Capital Holdings investors have received a continuous flow of bad news about their investments, and Haselkorn & Thibaut has filed a GPB Capital lawsuit has filed numerous GPB Capital lawsuits (in the form of FINRA arbitration claims) nationwide for investors in an effort to successfully assist those investors in recovering their losses and damages. The governments case is being handled by the Offices Business & Securities Fraud Section. As detailed in the indictment and other court documents, GPB, founded by Gentile in or around 2013, was a New York-based investment advisor registered with the SEC. THE 5 BEST Motels near Indira Gandhi Intl Airport (DEL) 8-K: GPB Automotive Portfolio, LP - MarketWatch Investment fraud schemes are not only problematic for the victims they claim, but for the overall investing public who loses faith in a free-market system every time they hear of crimes like this. CA No. SEC Seeks Monitor to Protect GPB Capital Investors - Investor Lawyers Blog As of December 31, 2017, GPB had approximately $434,286,529 in regulatory assets under management, all of which is managed on a discretionary basis. 98 0 obj <>stream There are currently 10 separate companies: GPB Automotive Portfolio LP, GPB Cold Storage LP, GPB Eurobond Finance PLC, GPB Holdings II LP, GPB Holdings, III LP, GPB Holdings Qualified LP, GPB Holdings LP, GPB NYC Development, GPB Scientific LLC, and GPB Waste Management LP formerly: GPB Waste Management Fund LP. GPB policy requires the use of a valuation provider to support its Valuation Committee in determining appropriate valuation and assets under management. What is your track record? After over a year, investors are still left asking what were those perceived risks and what exactly does it mean to investors if they fell outside of the auditors internal risk tolerance? Recover your GPB Holdings losses by calling us 1 800 856 3352 for a free consultation. GPB Capital's business model is all about raising money from investors selling high-commission products to scores of independent broker-dealers, then use the capital from the sales to buy businesses like trash haulers or car dealerships. Due diligence includes an initial investigation into the GPB investment: and that includes potential benefits, risks, and tax consequences, as well as a review and investigation of GPB itself, the underlying business, the history of the company or business as well as key individuals, and other relevant factors, including any actual or potential conflicts of interest.

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At Haselkorn and Thibaut, InvestmentFraudLawyers.com, our attorneys specialize in helping investors maximize the recovery of their investment losses. SEC requests independent monitor in GPB Capital case Gentile and Schneider were aware that the GPB Funds were underperforming, and authorized repeated distribution payments that used investor funds to cover income shortfalls, to the obvious detriment of investors. Given the inherently complex and deceptive structure of GPB Capital Holdings, we must ask if the $239 million RAUM represents only Regulatory Assets Under Management as opposed to a larger amount GPB Capital Holdings deems to fall outside of public reporting requirements. Wait and see does not appear to be a viable recovery option. 7. An official website of the United States government. David Gentiles GPB Capital Holdings website has been disabled and is non-operational at this writing. New York Money Manager Pleads Not Guilty In $1.8 Billion Fraud - Forbes GPB Capital Closes Sale of Alliance Physical Therapy - Insider The Managed Funds Associations short precis on RAUM: Categories: The Scientology Money Project, Tagged as: Aileen Doherty, Ascendant Alternative Strategies, Austin Lake Technologies, AutoNation, David Gentile, Dodd-Frank Act, GPB Capital Holdings, Highline Management, Inc., International Association of Scientologists, Jeff Lash, Jeffrey Augustine, jeffry schneider, Kevin Westfall, Kinnie Ma lawsuit, Mark Martino, Mike Frost, Regulatory Funds Under Management, Scientology, Securities and Exchange Commission, Tom Hawkins. Last summer GPB Capital Holdings announced that it would not be providing Schedule Cs and required tax documents for investors. Xenu Who? Scientology Fair Game: Cult Leader David Miscavige Orders Attacks on Marc Headley and His Business, US Federal Prosecutor Now Investigating Retired LAPD Cop & Scientology Pal Captain Cory Palka for Corruption, Subpoena-Evader and Thug Life Scientology Leader David Miscavige Served a Subpoena by a US Federal Court on Valentines Day 2023, Scientologist David Gentile Goes Down in Flames in the Pretrial Phase of His US Federal Criminal Case. A spokesperson for the company could provide no reason for such a huge loss. The alleged whistleblowers opinion appeared to be that GPB funds should not have been approved for sale to retail investors on the broker-dealer firms platform. The SEC mandated the use of RAUM in Form ADV in 2012. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 2019: $1.1 billion: The AUM as stated in the new valuation published by GPB Capital Holdings For more information on Highline Management, Inc. see our previous article: Scientologist-Owned GPB Capital Admits to Staggering Losses in Latest ADV Filing: AUM at $239 Million; Down from $1.1 Billion in July 2019. Another problem presents itself. In its June 2020 ADV, GPB admitted to its inability to hire a third-party Valuation Service Provider in 2019. From 2013 through early 2018, Lash was responsible for overseeing the GPB Funds investments in car dealerships, which made up a sizable percentage of GPBs portfolio companies. This is the subject of a future article as we follow the GPB money trail into Clearwater, Florida. AUSTIN LAKE TECHNOLOGIES IS AN INDEPENDENT OPERATIONS SUPPORT PARTNER THAT PROVIDES STRATEGIC, MANAGEMENT, AND OPERATIONS CONSULTING SERVICES TO THE ADVISER. GPB Capital Holdings (GPB) purportedly invests in (among other industries) waste management and automobile dealership businesses. Embattled fund manager GPB Capital sells 30-acre cold storage parcel Finally, there are practical considerations as well in cases where investors are aware of losses and potential claims, but they choose to delay taking action.

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Michael Emanuel replaces former GPB CCO Michael Cohn. Official websites use .gov The State of Massachusetts has opened a pending investigation. This comes after the change of the CEO, an additional lawsuit by the former CEO, and the arrest of GPBs Compliance officer for obstruction of justice. Of course, Cohns demand for a bench trial also seems to be an attempt to line up something for an appeal. Recently, another auditor retained by GPB resigned. This site uses Akismet to reduce spam. PDF United States District Court Eastern District of New York Securities Age: 54 GPB Capital Completes Key Sale of Newark Property - WJHL Sort by manufacturer, model, year, price, location, sale date, and more. This latest writedown makes it a virtual certainty that the investors in GPB will get nothing back. In the event that GPB and its management are charged criminally, those people who received distributions are subject to clawback rules. Rob Chmiel - Interim Chief Executive Off.. - GPB Capital | ZoomInfo JOHN DEERE S180 For Sale at EquipmentFacts.com. Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with Group 1. As noted earlier, there are pending GPB investigations by FINRA, the SEC, the FBI, and several state and local regulators, along with pending lawsuits in multiple jurisdictions: In November 2018, GPB disclosed that the auditor for all GPB partnerships (Crowe LLP) resigned due to perceived risks that Crowe determined fell outside of their internal risk tolerance. See Cadez v. GPB Holdings, LP, et al (Del. Naive fund managers who dont know their industry were potentially likely to overpay significantly chasing this dream. Were the representations fair and balanced in terms of risk disclosures? As for the Church of Scientology, I smell COLLSION.. and it stinks. Eventually, Gentile sought to fully integrate and take control of Ascendant Capitals broker-dealer activity, and registered his own broker-dealer. As a general matter, GPB investors should be aware that there are time limits on their ability to bring any claims. We have over 50 years of experience and a 95% success rate. ELITE TRAILER MFG Trailers Auction Results. hb``` "ABsCFH*A(331cXkX!Y[4#0 8+CU },

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Fair Game: Leah Remini & Mike Rinders Podcast, The Aftermath Foundation: Help for Those Who Want to Leave the Sea Org, Scientologys Membership Contract Goes Down in Flames in Court, Chris Shelton's Sensibly Speaking Podcast, Dr. Steven Hassan's Freedom of Mind Resource Center, Stefani Hutchison's Confront & Shatter Blog, The Aftermath Foundation: Helping Those Who Have Left the Sea Org, slashed the salary of equity partners 20%, GPB Capital Holdings Update: New York Appeals Court Grants Patrick Dibres Motion for Summary Judgment Against GPB Capital Holdings, The Trial of Five Russian Scientologists for Money Laundering & Other Crimes Follows Years of Russias Continuing Crackdown on Scientologys Illegal Activities, Church of Scientology International(158), Proof that L. Ron Hubbard Did Not Create Scientology: The Prelude Part 1. Our legal experts have opined that Cohn is hoping for a shorter prison sentence in a bench trial in the event he is found guilty. If you invested in any of the following funds, contact our securities fraud lawyers today for your free case consultation. GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. or other current GPB CH or Highline management that, in my judgment, has led to any loss of Case 1:21-cv-00583-MKB-VMS Document 104 Filed 07/08/22 Page . Myrianthopoulos may have been behind the scenes in the arrangement for Soligenix to lease its headquarters from a partner of GPB Capital Holdings. Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale. The statement concerning the role of Jeffry Schneider and Mark Martino of Ascendant Alternative Strategies: Regarding the Advisers response to Item 7(B)(1)(A)(28), it should be noted that Ascendant Capital, LLC a related party of ASCENDANT ALTERNATIVE STRATEGIES, LLC (Member FINRA/SIPC (CRD# 283881 / SEC# 69769)), provides services to GPB Capital Holdings, LLC and its clients and indirectly receives, and may directly receive, reimbursements or other compensation from such parties. This is not unexpected as existing long-term relationships very often lead to new business opportunities.

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My professional background, and various other factual matters, are further described in a prior declaration that I submitted on June . Highland Management Group, Inc Location New York, New York, United States Regions Greater New York Area, East Coast, Northeastern US Gender Male Also Known As Mike Frost Facebook View on Facebook LinkedIn View on LinkedIn Mike Frost is the President at Highline Management, Inc. Mike Frost attended The University of Texas at Austin. 4. The Plaintiffs, in this case, alleged that GPB Capital Holdings was operating a Ponzi scheme. Whether or not the funds are even currently worth the value reported by the company as the sponsor remains to be seen and has not been verified as of yet by any outside auditor firms. This site uses cookies. Sort by manufacturer, model, year, price, location, sale date, and more. The principal purpose of each Company is to acquire controlling majority (and in many cases, wholly owned) interests, whether equity, debt or otherwise, in income-producing, middle-market private companies in North America; to provide hands-on managerial and operational assistance to such companies; and to further develop operations of such companies and increase cash flow and current income from operations. 3. Kevin Westfall originally stepped in to replace David Rosenberg who was fired as CEO of Prime Automotive by GPB Capital. endstream endobj 63 0 obj <. this Court over GPB Capital Holdings LLC ("GPB CH"). Brokers and financial advisors selling GPB investments are believed to have received more than $165 million in commissions. GPBS INABILITY TO HIRE A THIRD-PARTY VALUATION SERVICE PROVIDER & WHAT IT MEANS. Gentile and Schneider worked closely together on the founding, development, operation and marketing of the GPB Funds. Page 1 of 1 from 8 AM - 9 PM ET. For example, GPB admits it is not fully in compliance with the reporting requirements of the 1934 Securities Exchange Act; the 1940 Act; and Sarbanes-Oxley. GPB is in the final stages of interviewing replacements. Read our policy. Update on the GPB Capital Lawsuit and ponzi scheme update. The ponzi scheme allegations are for all the products. Left unexplained in the Form ADV is how Health Prime, a GPB Capital portfolio company, is now owned by Mike Frosts Austin Lake Technologies. GPB Capital Closes Sale of Prime Automotive Group to Group 1 - TMCnet 83 0 obj <>/Filter/FlateDecode/ID[<59DCC3A806417C4191C61B35B149CCA1><6EB6B510CB9F6C47B18587E9308D851C>]/Index[62 37]/Info 61 0 R/Length 103/Prev 104519/Root 63 0 R/Size 99/Type/XRef/W[1 3 1]>>stream Hiding behind the skirts of their high-priced attorneys just as they did in the 19th and 20th centuries. NEW YORK, Nov. 18, 2021 /PRNewswire/ --GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of Prime Automotive Group to Group 1 Automotive, Inc. ("Group 1"), an international, Fortune 500 automotive retailer with 217 dealerships located in the U.S., U.K., and Brazil. The only number GPB offers in its latest Form ADV is $238,637,198 RAUM. Beyond that, its hard to say exactly how things will fall apart and when, other than being certain that its going to be painful. ) or https:// means youve safely connected to the .gov website. According to InvestmentNews, Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. Many investment companies have declared bankruptcy and left their investors holding the bag. With todays guilty plea, Modile is revealed as a prolific fraudster and money launderer who has left a trail of fake documents, plundered bank accounts, and financial victims from Brooklyn A three-count indictment was unsealed today in United States District Court for the Eastern District of New York charging Mohammad Ibrahim Bazzi, a Lebanese and Belgian citizen, and Talal Chahine As alleged, Carlos Watson is a con man whose business strategy was based on outright deceit and fraud he ran Ozy as a criminal organization rather than as a Eastern District of New York GPB Capital received as much as $7 million in PPP money across all of its funds, this even as the firm is the subject of numerous investigations. Finally, there are practical considerations in cases where investors are aware of losses and potential claims but choose to delay taking action. This latest ADV shows GPBs Regulatory Assets Under Management (RAUM) as $238,637,198. A .gov website belongs to an official government organization in the United States. Cohn maintains that he never disclosed such information with anyone at GPB. GPB Capital paid Ascendant Alternative Strategies and Ascendant Capital millions of dollars in connection with marketing GPB Capital funds and in connection with acquisitions made by GPB Capital. GPB Capital Closes Sale of Alliance Physical Therapy - PR Newswire Jefferies LLC acted as financial advisor and Skadden . Ascendant Capital began as a branch office of a New York-based broker-dealer but in 2017 became a branch office of the Gentile-owned broker-dealer Ascendant Alternative Strategies, LLC (Ascendant Alternative Strategies). They would be entitled to some recovery out of the rubble left, on an equal basis with people who didnt get distributions, but thats obviously going to be a lot less than whats clawed back. Page 1 of 1. The question in those cases may be whether the financial advisor had a conflict of interest or otherwise breached his or her fiduciary duty by stepping in front of the clients best interest as a result of the commission structure of GPB Holdings.
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