Ladenburg Thalmann Financial Services Inc reported in it’s SEC quarterly filings that one of their brokerage firms, Triad Advisors LLC, was named in six FINRA customer complaints seeking $1.65 million in damages.  These complaints are due to the sale of GPB Capital Holdings private placements to clients of Triad Advisors LLC.  According to reports by Ladenburg Thalman, the allegations against Triad Advisors also include, negligence, breach of contract, failure to supervise and breach of fiduciary duty.

This is a particularly sensitive time for Ladenburg Thalmann due to the fact that they are considering, according to news reports, selling to Advisor Group. In 2007, Ladenburg Thalmann began building their network of independent broker/dealers. They now own five broker/dealers: Triad Advisors LLC, Securities America, Securities Service Network, Investacorp, and KMS Financial Services.  Beginning in 2013, GPB Capital, partnered with many broker/dealers and raised over $1.8 billion. Over 60 broker/dealers sold GPB private placements.  These funds were supposed to be investments in waste management and auto dealerships which would have in turn, produced favorable yields for the investors.

The clients who have filed the complaints against Triad Advisors LLC are alleging that they were negligent in allowing their brokers to recommended investing in GPB private placements to their clients.  GPB Capital has been accused of running an alleged Ponzi scam of $1.8 billion.  Many investors in GPB Capital have suffered devastating losses following the SEC June 2018 filing which GPB funds fell drastically in value. This followed the suspension of investor redemptions by GPB and many pending investigations by state and federal securities regulators, including the FBI and SEC. GPB Capital has failed to produce audited financial statements for their funds which leaves investors in the dark regarding the value of the GPB funds or their investments.

If you’ve invested in the high risk, illiquid, private placement, GPB Capital, recommended to you by Triad Advisors LLC or any other broker/dealer, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.