HOUSTON, March 19, 2020 (GLOBE NEWSWIRE) -- Shepherd, Smith, Edwards & Kantas (“SSEK Law Firm”) has filed another GPB fraud case on behalf of a retired elderly Texas couple who, after entrusting a substantial chunk of their savings to Triad brokers Jack Jones and Mark Robare, have suffered significant investment losses. The Claimants contend that Triad, as their broker-dealer, and its two brokers promised to employ a low risk plan that would structure the couple’s accounts so there would be a return of principal and income. However, Triad, Jones, and Robare took advantage of our clients’ investment inexperience and employed a strategy that was “overly aggressive” and overconcentrated in private placements, such as investing their savings in the GPB Holdings Fund, a private placement, and NorthStar Healthcare, a privately traded real estate investment trust (REIT) that no longer is paying dividends and looks to be in trouble as well.
GPB Capital Holdings, an alternative asset firm, is accused of operating a $1.5B Ponzi scam. GPB remains under investigation by numerous regulatory bodies including FINRA, the US Securities and Exchange Commission (SEC) and the FBI. Over 60 brokerage firms and their registered representatives are believed to have made over $160M in commissions when these investments were sold. Investors, on the other hand, 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.
Triad Advisors filed a financial statement earlier this month with the SEC noting that it is now the subject of at least nine investor fraud lawsuits accusing it of negligence for allowing its brokers to sell GPB Capital Holding private placements. Potential damages from this litigation could likely exceed $2M.
SSEK Law Firm has filed complaints on behalf of numerous investors against Triad Advisors, Ameriprise, Arkadios Capital, Kalos Capital, Pruco Securities, International Assets Advisory, and other firms.
If you are a GPB investor or have a loved one who suffered losses in any GPB-related funds or with Triad Advisors or any of the other firms or products mentioned, 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