As we previously reported, the U.S. Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (known as “FINRA”), the FBI, and the State of Massachusetts are investigating GPB Capital Holdings LLC (“GPB”) in probes reportedly concerning the accuracy of GPB’s disclosures of financial information to their investors. GPB, a New York asset management firm, focused on private placement investments, has reportedly been under investigation by Massachusetts since September 2018.
According to public documents filed with the SEC, there are approximately 80 broker-dealers that may have sold, or were authorized to sell investments for GPB. As registered broker-dealers, any firms who actually sold GPB securities were required to conduct adequate due diligence in investigating potential investments and also to ensure their clients understood the risks associated with any GPB potential investment.
The broker-dealers who appear in the SEC filings for GPB offerings are listed below. It is important to note that none of these broker-dealers has been found to have engaged in any wrongdoing.