CHARLOTTE, N.C., March 03, 2020 (GLOBE NEWSWIRE) -- The law firm of Shepherd, Smith, Edwards & Kantas (“SSEK Law Firm”) has filed another GPB fraud case on behalf of an elderly investor who has suffered investment losses in excess of $250K. In this latest investigation, the Claimant, who is in her seventies and a nursing home worker, had no prior investing experience and entrusted Christopher Shaw (“Shaw”), first while he was at Kalos Capital and then later at Pruco Securities, to handle all of her retirement savings. She was very clear that she needed liquidity and didn’t want to take any risk as her retirement funds were all she and her husband had for their later years.
Our client contends that Shaw presented himself as an expert in conservative investments and that he would employ a conservative risk strategy when handling her funds. Instead, he used an overly aggressive strategy, including improperly allocating her assets and concentrating nearly 100% of her portfolio in private placements, including $250K in the GPB funds – GPB Holdings II and GPB Waste Management. He also invested her money in unregistered and untraded products. Christopher Shaw’s FINRA BrokerCheck record states that there are currently two other pending customer complaints on his record involving claims of unsuitable investments and breach of fiduciary duty.
GPB is accused of operating a Ponzi scam that has cost investors over $1.5B. The alternative asset firm remains under investigation by numerous regulatory bodies including FINRA, the US Securities and Exchange Commission (SEC) and the FBI. GPB private placements are at the center of hundreds of broker fraud claims. Over 60 brokerage firms and their registered representatives are believed to have made over $160M in commissions when these investments were sold. Investors only have losses to report as the GPB funds have dropped in value, investor redemptions now suspended for over a year, and the continued non-delivery of audited financial statements.
If you are a GPB investor or have a loved one who invested in any GPB-related funds or with Pruco Securities, Kalos Capital, or Christopher Shaw and suffered losses, please contact SSEK Law Firm today for a free, confidential evaluation of your investments and legal options.
Contact Info – 800-259-9010
Sam Edwards: sedwards@sseklaw.com
Kirk Smith: ksmith@sseklaw.com