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On February 4, 2021, New Jersey Attorney General Grewal announced a New Jersey Bureau of Securities action against GPB Capital Holdings, LLC (“GPB”) its owners, and affiliated companies for an alleged $1.8 billion securities fraud scheme that has affected approximately 17,000 investors across the United States (700 New Jersey investors). GPB is a New-York based alternative asset management firm focusing on acquiring income-producing private companies and offering investors private placements in the funds. Investors must meet certain net worth and income thresholds. The New Jersey regulators allege that GPB sold unregistered, high-commission limited partnership interests in a series of alternative-asset investment funds managed between 2013 and 2018. Investors were allegedly lured with false and misleading promises that the GPB Funds would pay an 8% annualized distribution each month. Investors were also ass