Soreide Law Group has been contacted by investors who claimed they had experienced losses due to the alleged purchase of GPB Automotive stock through JAMES MICHAEL ARMOUR (JAMES M ARMOUR), currently listed with AUSDAL FINANCIAL PARTNERS, INC. of Wayzata, Minnesota since 2011.
In February of 2021, GPB Automotive Portfolio, LP, was found to be a $1.8 billion Ponzi Scheme (SEC Case 1:21-cv-00583, February 2, 2021). According to the indictment, the Defendants engaged in a Ponzi-like scheme by using investor funds to pay distributions back to investors. It was also disclosed that GPB paid broker/dealers selling GPB more than $187 million in selling fees. Brokers and their firms received as much as 13% in commissions and due diligence fees.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JAMES M ARMOUR, has been in the securities industry for 44 years and has been listed with 8 firms. Armour has 4 Disclosures on his FINRA CRD report. One of the Disclosures is a “Regulatory” from 1996, and the other 3 are “Customer Disputes.” One of the disputes was withdrawn and two disputes were settled.
There is a dispute dated 1/27/2019 on JAMES M ARMOUR’s FINRA report that settled for $295,000.00 following these allegations, “Clients claim the investments were unsuitable and misrepresented, and that the firm failed to supervise the sales and conduct adequate due diligence. Clients purchased shares in Bakken Drilling Fund III and Bakken Drilling Fund IV in March and June of 2013. Bakken III was formally dissolved in May 2018. Bakken IV has not formally dissolved, but is not paying dividends. Client was introduced to investment through a family member who was/is a registered representative of another member firm, and an investor in the offering. Subsequent to the original allegations, counsel representing the claimants solicited additional clients of the representative to agree to file complaints if the firm would not reach a settlement to include their investments. Total principal investment among clients was $5.5 million.”
On 11/28/2022 another dispute against JAMES M ARMOUR settled for $37,500.00, with allegations of, “Suitability, Breach of Fiduciary Duty, Lack of Due Diligence, Lack of Supervision related to Bakkan Drilling Fund investments in 2013.”
To discuss this or any other securities issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.
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