Soreide Law Group, a Florida-based law firm, has been contacted by investors who may have experienced losses in GPB Capital due to the recommendations of broker/investment advisor:
DAVID JON ZUPEK (CRD#: 2250376)
Currently, DAVID JON ZUPEK is registered, both as a broker and financial advisor with CONCORDE INVESTMENT SERVICES, LLC, and CONCORDE ASSET MANAGEMENT, LLC, located in The Villages, Florida, and Racine, Wisconsin, since 2012.
According to a recent article in InvestmentNews, at the end of June of 2019, GPB Capital, which is allegedly facing multiple investigations from state and federal authorities, reported $238.6 million in regulatory assets under management, according to its Form ADV, filed with the Securities and Exchange Commission (SEC). At the end of 2017, the firm reported $434.3 million in AUM, for a decline of $196.3 million, or a drop of 45.2%.
The article states that GPB Capital’s business model is to raise money from investors through sales of high-commission products at dozens of independent broker/dealers and use that capital to buy businesses like auto dealerships or trash haulers.
GPB raised $1.8 billion from investors beginning in 2013, according to InvestmentNews, through sales of private partnerships, but it has not paid investors steady returns, or distributions, since 2018.
GPB is has been under investigation by the SEC and the FBI, who raided its offices in the winter of 2019. The former chief compliance officer was indicted and charged with obstruction of justice. They have also missed deadlines for filing audited financial statements for its funds. Many broker/dealers who sold GPB charged as much as 7%-8% commissions.
According to FINRA’s BrokerCheck, DAVID JON ZUPEK, has been registered in the securities industry for 28 years, and has 6 Disclosures on his FINRA CRD report. All 6 are “Customer Disputes.” Four of the disputes have settled and two are pending. Of the disputes that settled, some of the allegations against Zupek were, in October of 2008, “CUSTOMER ALLEGES REP MADE TRANSFERS BETWEEN INVESTMENT OPTIONS WITHIN HIS VARIABLE ANNUITY CONTRACT WITHOUT HIS WRITTEN OR VERBAL CONSENT AND WITHOUT HIS KNOWLEDGE.” That claim settled for $42,930.24. In March of 2014, a claim against Zupek settled for $25,000.00, following allegations of, “EXCESSIVE AND UNAUTHORIZED TRADING IN A FEE BASED ACCOUNT. ACTIVITIES TOOK PLACE IN 2007 TO 2009.” DAVID JON ZUPEK disputes these charges.
There are two disputes pending requesting damages of $150,000 and $145,715.00. In the April of 2020 pending claim filed against Zupek requesting damages of $145,715.00, the broker comment states that Zupek sold GPB and other private placements to his clients.
During the 28 years DAVID JON ZUPEK has been in the securities industry, he has been listed with 11 firms. He is currently listed since 10/11/2012 as a broker with:
CONCORDE INVESTMENT SERVICES, LLC of Racine, WI and The Villages, FL
Zupek has been registered as an Investment Advisor since 10/23/2012 with:
CONCORDE ASSET MANAGEMENT, LLC of Racine, WI and The Villages, FL
If you’ve experienced investment losses, particularly in GPB, due to the possible recommendations of DAVID JON ZUPEK currently with Concorde Investment Services and Concorde Asset Management of The Villages, Florida, and Racine, Wisconsin, contact the Florida-based, Soreide Law Group, and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.