highline management gpb capitalkhatim sourate youssouf

This is an outrage. Later in June 2019, GPB informed investors that updated valuations had decreased even further, some by another -25%. Readers can scroll down to the bottom of this article to read the Managed Funds Associations short precis on understanding RAUM.

}, National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. GPB is under investigation by the Financial Regulatory Authority (FINRA), the United States Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and several states and/or local regulatory agenci" }} ,

Investors that are worried about investing in a Ponzi scheme should consult a third-party investment lawyer. Jefferies LLC acted as financial advisor and Skadden . Our attorneys are available as public service to review your investment accounts and counsel you, and answer your questions at no charge. Whether or not the funds are even currently worth the value reported by the company as the sponsor remains to be seen and has not been verified as of yet by any outside auditor firms. Any private equity fund that offers immediate and improbably high returns is suspect from the get-go. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. Just last February, GBP Capital Holdings and three individuals were charged by the Securities Exchange Commission (SEC) with fraud and running a $1.6 billion Ponzi scheme. In those allegations, information (from 2016) appeared to suggest conflicts of interest, including investor funds potentially being utilized for personal business interests. Highland Management Group, Inc Location New York, New York, United States Regions Greater New York Area, East Coast, Northeastern US Gender Male Also Known As Mike Frost Facebook View on Facebook LinkedIn View on LinkedIn Mike Frost is the President at Highline Management, Inc. Mike Frost attended The University of Texas at Austin. 4A. As of March 2019, the firm is being investigated by the Federal Bureau of Investigation (FBI). Browse our inventory of new and used NEW HOLLAND SP.345F For Sale near you at MarketBook.ca. Taxpayer Information Franchise Tax Permit Holder Location Information Businesses in the same location Businesses in the same zip code Similar Entities The fact that Stroock slashed the salary of equity partners 20% this past May might have been a factor in Emanuels decision to jump from Stroock, a prestigious firm that brought in $258 million in gross revenues in 2019. According to. Date of Report (Date of earliest event reported): June 30, 2022. }}
If you invested in any of the following funds. 4.

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There is a potential statute of limitations and potential FINRA customer dispute resolution rules, including a potential six-year eligibility rule. Learn how your comment data is processed. With todays guilty plea, Modile is revealed as a prolific fraudster and money launderer who has left a trail of fake documents, plundered bank accounts, and financial victims from Brooklyn A three-count indictment was unsealed today in United States District Court for the Eastern District of New York charging Mohammad Ibrahim Bazzi, a Lebanese and Belgian citizen, and Talal Chahine As alleged, Carlos Watson is a con man whose business strategy was based on outright deceit and fraud he ran Ozy as a criminal organization rather than as a Eastern District of New York In its civil complaint against GPB Capital Holdings, Massachusetts securities regulators noted the structurally complex nature of the GPB Capital and its myriad conflicts of interest and self-dealing: By its nature, GPB Capital is structurally complex.

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GPB Capital and Highline achieved this by expanding Alliance's presence in key markets with favorable demographic trends, empowering providers with better tools and technology to improve the. Highline currently oversees on GPB's behalf all day-to-day functions of the Partnership and its subsidiaries, including management of all underlying assets, human capital, accounting and financial reporting, and operations pursuant to a Management Services Agreement ("MSA"). The SEC has requested the appointment of an independent monitor to oversee GPB Capital Holdings amid allegations the asset management firm defrauded more than 17,000 retail investors in a "Ponzi-like" scheme. Michael Emanuels name is no longer listed on Stroocks website, but it is listed on GPB Capitals most recent ADV dated August 12, 2020: The document shows Emanuel acquired his title in August 2020. GPB Waste Management, and GPB Cold Storage, and raised and invested capital in a portfolio of private . WHY GPB CAPITAL HOLDINGS CANNOT STATE THE TRUE VALUE OF ITS ASSETS.

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For over 3 years now, GPB Capital investors have been getting more and more bad news. (718) 254-6323. Gentile and Schneider were aware that the GPB Funds were underperforming, and authorized repeated distribution payments that used investor funds to cover income shortfalls, to the obvious detriment of investors. The business of GPB Capital was to manage the GPB Funds, which raised and invested capital in a portfolio of private equity investments. Highline, which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale with BPOC. That is a 45.2% plunge. Mr. DuCharme expressed his grateful appreciation to the Securities and Exchange Commission, New York Regional Office, for their significant cooperation and assistance during the investigation, and thanked the Business Integrity Commission and the New York City Police Department and for their support during the investigation. How much did Scientologist David Gentile put into the Church of Scientologys coffers via the IAS, Hubbard College, and its many other front groups? This lack of financial transparency is part and parcel of the undisclosed and excessive fees, the high commissions to B-Ds, and all of the other dishonest intentions, tactics, and practices of GPB Capital Holdings. The defendants were arrested today, and Gentile will appear this afternoon in federal court in Boston, Massachusetts, Schneider will appear in federal court in Austin, Texas, and Lash in federal court in Fort Myers, Florida. GPB Capital Investment Recovery Goodman & Nekvasil, P.A. They would be entitled to some recovery out of the rubble left, on an equal basis with people who didnt get distributions, but thats obviously going to be a lot less than whats clawed back. GPB has been unable to provide a final asset under management figure for the year ending December 31, 2019. David Gentile Sues Shareholders for $755,038.00 In Professional Fees On December 20, 2021, David Gentile filed a complaint in Delaware Chancery Court against GPB Capital Holdings as well as several related entities, including GPB Automotive Portfolio, GPB Waste Management and GPB Cold Storage. GPBs Prime Automotive Group is headed by CEO Tom Skelton who spent 24 years at AutoNation. Scientology Does! Published By Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here. A spokesperson for the company could provide no reason for such a huge loss. 1. This has serious implications. After purportedly sharing this data during job interviews with GPB Capital, Cohn resigned from the SEC and accepted a $400,000 a year position as GPBs Chief Compliance Officer. GPB Capital has many hundreds of bank accounts under its purview. Page 1 of 1. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. Michael Emanuel replaces former GPB CCO Michael Cohn.

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The the undisclosed and self-serving relationships between GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies is certainly an example of self-dealing with deliberate intent to defraud investor. Any proposed material corporate transactions by GPB and/or Highline Management, Inc. ("Highline"), the GPB Funds or the Portfolio Companies, or any other proposed material corporate transactions as the Monitor may, in the Monitor's sole . ],

The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. Page 1 of 1 Highline Capital Management LP. The company had been tasked with auditing one of the GPB private placement funds, Armada Waste Management. For better and worse, the car guys seem to have a great deal of influence at GPB: Patrick Dibres lawsuit: Read GPBs claim and Dibres counterclaim. To contact Highline, please email info@highline-management.com. Our research shows a Highline Management, Inc. as being a Delaware corporation.

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Fair Game: Leah Remini & Mike Rinders Podcast, The Aftermath Foundation: Help for Those Who Want to Leave the Sea Org, Scientologys Membership Contract Goes Down in Flames in Court, Chris Shelton's Sensibly Speaking Podcast, Dr. Steven Hassan's Freedom of Mind Resource Center, Stefani Hutchison's Confront & Shatter Blog, The Aftermath Foundation: Helping Those Who Have Left the Sea Org, slashed the salary of equity partners 20%, GPB Capital Holdings Update: New York Appeals Court Grants Patrick Dibres Motion for Summary Judgment Against GPB Capital Holdings, The Trial of Five Russian Scientologists for Money Laundering & Other Crimes Follows Years of Russias Continuing Crackdown on Scientologys Illegal Activities, Church of Scientology International(158), Proof that L. Ron Hubbard Did Not Create Scientology: The Prelude Part 1. Did that discussion include or address the decline in value?

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For those investors relying upon a financial advisor that owed a fiduciary duty, the applicable standard is higher, as they are required to put the clients interests ahead of their own at all times. There is a limited time window for an investor to recover losses. GPB has never directly addressed these issues for investors. When typing in this field, a list of search results will appear and be automatically updated as you type. An audit can only be as accurate as the party being audited provides honest and correct information and opens its books fully. Such statements do not appear to be enough to calm most investors in light of the list of other prior events. ", Transaction delivers significant value for GPB Capital's investors. The GPB Capital Holdings Brochure of August 12, 2020 confirms that Highline Management, Inc. has taken over the daily operations of GPB: ` 83 0 obj <>/Filter/FlateDecode/ID[<59DCC3A806417C4191C61B35B149CCA1><6EB6B510CB9F6C47B18587E9308D851C>]/Index[62 37]/Info 61 0 R/Length 103/Prev 104519/Root 63 0 R/Size 99/Type/XRef/W[1 3 1]>>stream

{ "@type": "Question", "name": "What Should GPB Capital Investors Do? The primary cause of the decline is the continued struggles of Armada's New York . Ascendant Capital then became a registered branch office of Gentile and Schneiders new broker-dealer. For the last two years, GPB Capital Holdings investors have received a continuous flow of bad news about their investments, and Haselkorn & Thibaut has filed a GPB Capital lawsuit has filed numerous GPB Capital lawsuits (in the form of FINRA arbitration claims) nationwide for investors in an effort to successfully assist those investors in recovering their losses and damages. Financial advisors and brokers have legal and regulatory responsibilities to adhere to the rules and regulations of the securities industry. Our legal experts have opined that Cohn is hoping for a shorter prison sentence in a bench trial in the event he is found guilty. The company had been tasked with auditing one of the GPB private placement funds, Armada Waste Management. GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. Modern times and financial oversight have limited people from making a traditional Ponzi scheme.

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7. from 8 AM - 9 PM ET. This is an outrage. Highline Management Inc. is a taxpayer registed with Texas Comptroller of Public Accounts. Here is the posted RAUM from the June 30, 2020 ADV: Where did all the money go? David Gentiles GPB Capital Holdings website has been disabled and is non-operational at this writing. 0 In reality, despite the defendants representations, investor capital was used to pay for a significant portion of the distributions made to investors in each of these funds. These complaints accuse the company of operating a massive, complex Ponzi scheme. 3. The statement concerning the role of Jeffry Schneider and Mark Martino of Ascendant Alternative Strategies: Regarding the Advisers response to Item 7(B)(1)(A)(28), it should be noted that Ascendant Capital, LLC a related party of ASCENDANT ALTERNATIVE STRATEGIES, LLC (Member FINRA/SIPC (CRD# 283881 / SEC# 69769)), provides services to GPB Capital Holdings, LLC and its clients and indirectly receives, and may directly receive, reimbursements or other compensation from such parties. Cohn had been employed in the enforcement branch of the SEC when he is alleged to have illegally accessed confidential investigative data on GPB Capital Holdings. Tom Hawkins worked for AutoNation in the past. A lock ( Has your financial advisor contacted you to review the investment holdings and discuss the status after this additionally reported decrease in value (as reported by the sponsor) or to share with you that the National Financial Services and other custodian providers are removing GPB Funds from their platform? GPB served as the general partner of several investment funds, including GPB Holdings, LP (Holdings I), GPB Holdings II, LP (Holdings II), GPB Automotive Portfolio, LP (Automotive Portfolio), GPB Waste Management, LP (Waste Management) and GPB Cold Storage, LP (Cold Storage) (collectively, the GPB Funds). The $1.8 billion number has also been used in the Kinnie Ma lawsuit and other lawsuits. GPB Capital Holdings LLC - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and. How many securities arbitration cases have you actually tried during the past 30 years? Highline Management 2020-2021 Managing Partner GPB Capital 2014-2020 President Cvl Advisors Group 2001-2012 Chief Financial Officer & Director, Board Soligenix 2001-2012 Education B. S. - Economics and Psychology Emory University Board Memberships & Affiliations Senior Vice President & Chief Financial Officer DOR BioPharma 2001-2017 The Court-appointed monitor in the SEC's action against Ponzi-like scheme GPB Capital Holdings LLC today submitted a letter at the New York Eastern District Court. GPB Scientific LLC, and GPB Waste Management LP formerly: GPB Waste Management Fund LP. Jeffrey Schneider, GPBs placement agent Ascendant Capital, David Gentile, and Jeffrey Lash, both executives of GPB, have been charged with wire fraud, securities fraud, and conspiracy against 17,000 investors. The Monitor goes on to describe the process by which he, alongside the GPB Capital and Highline management teams, are continuing work to analyze the optimal path forward for the assets that remain in the GPB Funds: "In the same thoughtful, deliberate and thorough manner that we collectively approached the This statement concerning other investment-related business activities conducted at GPB Capital Holdings office in Austin, Texas. Access additional case information on PACER Use the links below to access additional information about this case on the US Court's PACER system. endstream endobj startxref Invest in GPB? Plaintiff: Kinnie Ma Individual Retirement Account, Karen Loch, Victor Wade Individual Retirement Account, Shirley Stone Living Trust, dated January 9, 1992, as amended May 24, 2005, Jeffery S. Gramm Individual Retirement Account, Dean Crooks, Robert A. ROME 1120 Auction Results. Highline Management, Inc. Jan 2020 - Present3 years 2 months Greater New York region Key member of the leadership team of GPB Capital's investment management subsidiary, which manages. We find the non-operational websites to be disgraceful. As an investor, you may want to begin by reviewing the basic information and records that you have in your . Did the discussion include your overall investment strategy and where these particular investments fit within that strategy? Enter your email address to follow this blog and receive notifications of new posts by email. 3.

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Rosenberg sued GPB and the parties are now locked in an acrimonious lawsuit. It seems AutoNation alumni have an inside track at GPB Capital Holdings. Usually, its not hard to guess at whats at the heart of a fund falling apart, but there are so many different things apparently going on here that its really impossible to tell, and its impossible to predict how things will turn out, other than being certain that theyll end badly for investors. hb``` "ABsCFH*A(331cXkX!Y[4#0 8+CU }, The guilty plea involving Cohn is just the latest bad news headline involving GPB Capital Holdings, which invests in auto dealerships and waste management. June 2020: David Gentile, sole manager of GPB Capital Holdings, had GPBs Chief Compliance Officer Aileen Doherty file the SEC-required Form ADV on June 30, 2020. With respect to the allegations contained in the civil action filed against GPB Capital by the Commonwealth of Massachusetts, we ask if GPB Capital is a case of fraud ab initio, i.e. The only acquisition candidates available to GPB, therefore, were the ones the smart money had already picked over. This is the subject of a future article as we follow the GPB money trail into Clearwater, Florida. Farm Equipment For Sale - 0 Listings | TractorHouse.com - Page 0 of 0 At TractorHouse.com. For example, GPB admits it is not fully in compliance with the reporting requirements of the 1934 Securities Exchange Act; the 1940 Act; and Sarbanes-Oxley. What was the original cost of these investments when they were recommended to you? A locked padlock Hiding behind the skirts of their high-priced attorneys just as they did in the 19th and 20th centuries.

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Does Your Religion Pay You Commissions? Finally, there are practical considerations in cases where investors are aware of losses and potential claims but choose to delay taking action. Along with our partners, were committed to exposing these frauds whenever and wherever we find themand holding the fraudsters accountable, stated FBI Assistant Director-in-Charge Sweeney. The initial charges against him had been classified as federal crimes and included obstruction of justice, unauthorized disclosure of confidential information, and unauthorized computer access. Xenu Who?

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The principal purpose of each Company is to acquire controlling majority (and in many cases, wholly owned) interests, whether equity, debt or otherwise, in income-producing, middle-market private companies in North America; to provide hands-on managerial and operational assistance to such companies; and to further develop operations of such companies and increase cash flow and current income from operations. Age: 54 Its funds have a number of sub-funds, and those sub-funds have various ownership interests in portfolio companies. As with any investment fraud or ponzi scheme, it is critical to take action." What did they know, what did they recommend, and when did they recommend it to retail clients, and what exactly were those recommendations based upon? "text": "GPB Capital Holdings was founded by David Gentile in 2013 and headquartered in New York City. The AUM vs RAUM question also speaks to the civil complaint against GPB Capital Holdings filed by the Commonwealth of Massachusetts. GPB Capital Holdings LLC, which faces federal fraud charges, announced this week that its GPB Cold Storage LP fund had completed its disposition of the parcel, which it assembled over several years starting in 2016. . A large number of them have filed lawsuits (FINRA) to recover losses. Scroll down to the bottom of this article to read the new Form ADV. See: Toni Caiazzo Neff v. PKS Holdings, LLC et al E.D. Professional firms do not engage in this type of activity. In June 2019, GPB revised its share price values down, reflecting significant losses in funds, some up to -74% of the original value. (Exact name of registrant as specified in its charter) Delaware 000-56285 35-2484347 (State or other . 2. GPB Capital Holdings and Oestreicher Properties Inc. are partners in the 211 Schermerhorn Street project on Boerum Hill in Brooklyn. This comes right after FINRA fined two broker-dealers for GPB Capital Holdings Sales this week. From 2013 through early 2018, Lash was responsible for overseeing the GPB Funds investments in car dealerships, which made up a sizable percentage of GPBs portfolio companies. This comes after the change of the CEO, an additional lawsuit by the former CEO, and the arrest of GPBs Compliance officer for obstruction of justice. Has your broker or financial advisor contacted you to review these investment holdings and discuss the status? On October 10, 2017, Ascendant Alternative Strategies registered as a broker-dealer in Massachusetts. Therefore, we ask if GPB Capitals inner circle (Gentile and Schneider) would fully disclose everything to Highline. The only problem is that both car dealerships and garbage haulers had already been through a wave of consolidation 20-30 years ago, and they were rolled up by really smart guys who continue to look for good acquistion candidates and have the cash in hand to snag them.

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You put your money in, wait 5-10 years, and then the portfolio companies are either sold or go public, and you get a much higher return than if you took distributions along the way. Kevin Westfall originally stepped in to replace David Rosenberg who was fired as CEO of Prime Automotive by GPB Capital. Unfortunately, the value of GPBs investment funds appears to have dropped rather dramatically in recent months as the company continues to miss filing deadlines and is accused of being a Ponzi-like scheme in various pending litigation matters. Scroll down to see GPB Capital Holdings ADV and Brochure Part 2 of August 12, 2020. A spokesperson for the company could provide no reason for such a huge loss. Ponzi schemes have been around for a long time, and one of the most recent Ponzi schemes was by Bernie Madoff from New York, who stole over $17 billion. GPB.ADV.August.2020, GPB Capital Holdings Brochure: It also ignores GPBs 2019 devaluation downwards to $1.1 billion. An indictment was unsealed today in federal court in Brooklyn charging three individuals affiliated with GPB Capital Holdings, LLC (GPB) with securities fraud, wire fraud and conspiracy. Stone Living Trust, dated January 9, 1992, as amended May 24, 2005, Catherine Kominos, Stacy Greasor Individual Retirement Account, Gracemarie .

{ "@type": "Question", "name": "What is GBP Capital? A GPB Capital class action lawsuit against GPB was registered in a Texas US District Court. It has been reported that the Securities and Exchange Commission (SEC) launched an investigation. Petersburg, and Washington, D.C. Motels near Indira Gandhi Intl Airport (DEL), New Delhi on Tripadvisor: Find traveler reviews, 50,114 candid photos, and prices for motels near Indira Gandhi Intl Airport (DEL) in New Delhi, India. "text": "First, be aware that there is a limited time window for an investor to recover losses. In July, the alternative asset firm reported in its Form ADV to the SEC that its assets under management (AUM) had declined by nearly $200M between the end of 2017 and June 2019from $434M in AUM to $196.3M. Thus, the tragedy of the GPB situation for investors is that theyre reduced to hoping that this is merely massive incompetence and not fraud, because if its fraud, then they will be subject to more financial distress via clawback rules than they already have been. GPB Capital Holdings (?GPB?) Skelton was the President of AutoNations Northeast US Division when he left in 2020 to take the CEO slot at Prime Automotive Group. As with any investment fraud or Ponzi scheme, it is critical to take action. The promise was (IIRC) 8% per month, in other words 96% per year, in other other words, doubling your investment every year. Most of the investments were sold to investors as income products. Some of these products were under different names or related companies, for example, Armada Waste Management being GPB Waste Management. In June 2019, National Financial Services, one of the largest clearing firms in the United States, reportedly removed GPB from its platform and gave clients only 90 days to move those investments to another custodian firm. Kirkland & Ellis, LLP served as legal advisor and Houlihan Lokey. 169825 | New York | Last Form ADV Filed on 31 Mar 2022 | Registration: SEC Similar Firms ESTANCIA CAPITAL MANAGEMENT, LLC $515.6M (+43.00%) DECATHLON CAPITAL MANAGEMENT II, LLC $400.1M ELM RIDGE MANAGEMENT, LLC $212.2M (+0.00%) GCA INVESTMENT MANAGEMENT, LLC $74.98M BULLDOG INVESTORS, LLP $454.2M (+25.00%) hbbd```b``: "ZO,` "`63 3(%$cH 1' gT#30` =EI Myrianthopoulos was previously employed as CFO at Soligenix Inc. (formerly named Dor Biopharma). Recently, another auditor retained by GPB resigned. Investors may have several reasons to be concerned about their GPB investment funds. Nearly a year after he was charged with obstruction of justice, Michael Cohn, the former Chief Compliance Officer of GPB Capital Holdings, has pleaded guilty to the misdemeanor crime of theft of government property. According to its report, since the appointment of the monitor in February 2021, the two main areas of focus have included: (1) Financial Reporting and (2) GPB Investments. In its June 2020 ADV, GPB admitted to its inability to hire a third-party Valuation Service Provider in 2019.

"mainEntity": [

This has serious implications. This leads to our next point: 4.

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SSEK Law Firm has filed stockbroker fraud claims against firms such as Kalos Capital, Arkadios Capital, Money Concepts Capital, Ameriprise, Triad Advisors, and many others on behalf of investors who purchased private placements in one of GPB Capital Holdings many funds. The Plaintiffs, in this case, alleged that GPB Capital Holdings was operating a Ponzi scheme. U.S. Attorney's Office, Eastern District of New York, The Defendants Allegedly Misrepresented GPBs Performance and Paid Distributions with Investor Funds, Securities, Commodities, & Investment Fraud, GPB Capital Founder and CEO Among Three Individuals Indicted in Private Equity Investment Fraud, Nigerian National Pleads Guilty to Multi-Million Dollar Fraud Schemes and Money Laundering, Sanctions Evasion and Money Laundering Charges Unsealed Against Specially Designated Global Terrorist Mohammad Bazzi and Talal Chahine, Ozy Media and Its Founder Carlos Watson Indicted in a Years-Long Multi-Million Dollar Fraud Scheme, GPB Capital Founder and CEO Among Three Individuals Indicted In Private Equity Investment Fraud. Fair Game: Leah Remini & Mike Rinders Podcast, The Aftermath Foundation: Help for Those Who Want to Leave the Sea Org, Scientologys Membership Contract Goes Down in Flames in Court, Chris Shelton's Sensibly Speaking Podcast, Dr. Steven Hassan's Freedom of Mind Resource Center, Stefani Hutchison's Confront & Shatter Blog, The Aftermath Foundation: Helping Those Who Have Left the Sea Org, We reported on GPB Capital Holdings staggering $700 million loss, International Association of Scientologists, THE WhistleBlowers | THE DNA OF SCIENTOLOGY Lying, Greed & Fair Game, Scientologist David Gentile Arrested by the FBI on Charges Related to His $1.8 Billion GPB Capital Holdings Ponzi Scheme The Scientology Money Project, THE WhistleBlowers | SCIENTOLOGIST DAVID GENTILE, Jeffry Schneider (the owner + CEO of Ascendant Capital LLC) + Jeffrey Lash (a former managing partner of GPB) ARRESTED BY FBI ON CHARGES Related to His $1.8B GPB Capital Holdings Ponzi Scheme that cheat, Wall Street Journal: GPB Capital to Sell Its Flagship Prime Automotive Group The Scientology Money Project, Church of Scientology International(158), Proof that L. Ron Hubbard Did Not Create Scientology: The Prelude Part 1. However, thats less likely than that either the GPB management was hopelessly incompetent, vastly overpaying for assets that really werent worth a lot, or that the whole thing was a willful fraud from the beginning.

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