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Five Unregistered Brokers, Four Companies Charged in Widespread Pre-IPO Fraud Scheme Netting $88m hedgeco.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hedgeco.net Daily Mail and Mail on Sunday newspapers.
SEC Charges Five Unregistered Brokers, Four Companies in Widespread Pre-IPO Fraud Scheme streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
SEC.gov | SEC Charges Five Unregistered Brokers, Four Companies in Widespread Pre-IPO Fraud Scheme sec.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sec.gov Daily Mail and Mail on Sunday newspapers.
MIL-OSI USA: SEC Charges Five Unregistered Brokers, Four Companies in Widespread Pre-IPO Fraud Scheme foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
FOR IMMEDIATE RELEASE Washington D.C., Feb. 4, 2021 — The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. The SEC also charged GPB Capital with violating the whistleblower protection laws. The SEC’s complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capital’s investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capital’s portfolio companies. As alleged, GPB Capital actually used investor money to pay portions of the annualized 8% distribution payments. GPB Capital and Gentile with assistance from Jeffrey Lash, a former managing partner at GPB Capital, also allegedly manipulated the financial statements of certain limited partnership funds managed by GPB Capital to perpetuate the deception by giving the false appearance that the funds’ income was closer to generating sufficient income to cover the distribution payments than it actually was.