GPB Audit Committee Reportedly Resigns after Indictment of Chief Compliance Officer
The White Law Group continues its investigation into the liability that brokerage firms may have for recommending GPB offerings such as GPB Holdings II LP to its clients. The firm has had numerous calls from investors who have lost money investing in GPB Capital.
GPB Holdings II LP is one of several private placement funds sponsored by GPB Capital Holdings, LLC, a New York-based global asset management firm.
GPB Capital Holdings has recently been accused of operating as a Ponzi scheme in numerous class action lawsuits and is currently under investigation by the FBI, Securities & Exchange Commission and the Financial Industry Regulatory Authority.
According to a letter to investors on November 22nd, the company is once again delaying the outstanding financial statement audits that investors have been waiting on for over a year and “will not be able to meet our previously communicated target completion date of year-end 2019.”
The letter states that the indictment of GPB’s former Chief Compliance Officer, “may impact the timing of completing the Partnership level audits. In light of his indictment, we have engaged a third party law firm to perform an independent investigation of the allegations related to Michael Cohn’s hiring and employment at GPB Capital.”
According to the letter, the Partnership’s auditor has “decided to suspend work on outstanding financial statement audits. In addition, the Audit Committee has elected to resign effective upon the earlier date of the completion of the Rosenberg investigation or by November 27, 2019.”
Recovery of Investment Losses
If you suffered losses investing in GPB Holdings II LP or another GPB Capital offering, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.
These claims are distinct from the class action filed directly against GPB Capital and could be pursued concurrently.
The Financial Industry Regulatory Authority (FINRA) operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute.
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