Soreide Law Group was recently contacted by a former client of MICHAEL PACKMAN (CRD#: 2518120), who purchased multiple GPB Captial investments while Packman was with AXIOM CAPITAL MANAGEMENT, INC. of Westbury, NY. We are investigating possible claims against MICHAEL PACKMAN and the sale of GPB. Packman is no longer registered as a broker or financial advisor.
Many registered representatives from several broker/dealers have sold these high risk, high-commission private placements. GPB Capital Holdings, based in New York, is an alternative asset management company. GPB Capital raised $1.8 billion from accredited investors through private placement funds, which invest in auto dealerships and the waste management industry. GPB Capital Holdings acquires income-producing private companies, which makes them a seller of “private placements.” These investments are not held to the same standards and are not suitable for most investors, particularly the conservative to moderate investor.
The Financial Industry Regulatory Authority Inc. (FINRA) and the Securities and Exchange Commission (SEC) have launched investigations into GPB.
Last year GPB Capital missed the April 30, 2018, deadline to register the two largest funds, GPB Automotive Portfolio which raised $622.1 million, and GPB Holdings II which raised $645.8 million, both with over 6,000 investors. They do not have a date when annual reports for the two funds will eventually be filed with the SEC. Advisors and their clients, who purchased the funds have not been given any of the financial information regarding the funds. This is a definite red flag for investors. In February the FBI entered the Manhattan offices with a search warrant and obtained information from the GPB offices, and the SEC has also subpoenaed GPB requesting information.
The following are some of the GPB Capital funds:
GPB Automotive Portfolio
GPB Holdings LP
GPB Holdings II
GPB Holdings III
GPB Holdings Qualified
GPB Automotive Portfolio LP
GPB Cold Storage
GPB NYC Development
GPB Waste Management Fund
GPB NYC Development LP
If you’ve purchased any of the GPB Capital funds from MICHAEL PACKMAN, formerly of AXIOM CAPITAL MANAGEMENT, INC. of Westbury, NY, or any other broker/dealer, and have experienced financial losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.
