Soreide Law Group files 11 FINRA arbitration claims against Mark Alan Cline and National Securities Corporation for sales of GPB Products.
Eleven separate FINRA actions have been by Soreide Law Group against Mark Alan Cline (“Cline”) and National Securities Corporation (“NSC”) on behalf of multiple retirees living in the Villages, Florida. The lawsuits collectively claim over $2 million dollars in damages for losses in alternative investments. The losses are mostly in GPB products including but not limited to GPB Automotive and GPB Waste Management. According to the lawsuits in some of the filed cases by Soreide Law Group, Mark Alan Cline also sold other alternative investments in large concentrations such as Shopoff, Greenbacker, Griffen Capital to name a few. It is alleged that many of the Claimants are conservative investors and were looking for stable income producing investments that wouldn’t subject them to the wild swings of the stock market. Other lawsuits relating to GPB have also been filed against Cline and National Securities by other Claimants not represented by Soreide Law Group but make similar allegations.
GPB has been making headlines recently with GPB Capital Holdings former compliance officer, Michael Cohn, has recently announced a guilty plea to theft of
government property and faces up to a year in prison. This was a plea to a reduced charge by Cohn was “in relation to his accessing and retrieving non-public and confidential information about SEC investigations into GPB and using that information to get a job at GPB”. GPB also faces state securities regulators in the state of Massachusetts and has announced a $240 million drop in assets under management. Soreide Law Group believes brokerage firms that were selling GBP products failed to do adequate due diligence on these products before recommending it to their clients. Compensation on the sale of GPB products was as much as 10% to the firms and brokers selling GPB which may have incentivized firms and brokers to not look to hard for potential red flags with this investment.
The Claimants through their attorney Lars Soreide, Esq., have accused National Securities Corporation and Mark Alan Cline, of negligence, breach of fiduciary duty, and negligent supervision. The Claimants collectively are seeking damages of in excess of $2 million. Cline and National Securities have filed Answers to the allegations in all the lawsuits denying any wrong doing. The Claims filed by Soreide law Group start to go to hearing in April of 2021. Soreide Law Group is a Florida firm that represents investors nationwide. If you lost money in GPB with Mark Alan Cline or with any advisor call Soreide Law Group today for a free consultation at (888) 760-6552