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”) With all the recent news regarding GPB, one investigative authority has fallen under the radar – The New York City Business Integrity Commission.
If you’ve never heard of the Business Integrity Commission, or BIC, you’re not alone. In fact, unless you worked for the City of New York in the Sanitation Department, you would most likely never have heard of BIC. That is because BIC is charged with investigating and rooting out corruption in the private garbage hauling industry in New York.
Waste management was once an area controlled by organized crime, but now is partially run by investment companies like GPB. In 2017, GPB acquired the private waste management company Five Star Carting and renamed it GPB Waste NY. The current director of waste strategy for GBP Capital is Rob Porto, a familiar name as he was the former President and COO of Waste Management until he was fired in 1999, charged with insider trading by the SEC, and paid a $3.7 million, and banned from serving as an officer or director of a publicly traded company for five years.