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SEC - The United States Securities and[ ] (via Public) / SEC Charges Financial Company and Its President with Engaging in Fraudulent Schemes to Boost Stock Price
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SEC Obtains Emergency Relief Against New York Real Estate Developer Charged With EB-5 Securities Fraud
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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
Litigation Release No. 24996 / December 23, 2020
Securities and Exchange Commission v. Global Investment Strategy UK Ltd. and John William Gunn, No. 1:20-cv-10838 (S.D.N.Y. filed December 22, 2020)
The Securities and Exchange Commission today charged Global Investment Strategy UK Ltd. (GIS), a London, UK-based financial services firm, for clearing and settling billions of dollars of U.S. securities transactions without registering as a broker-dealer in violation of the federal securities laws. The SEC also charged John William Gunn, its founder and principal, with aiding and abetting those violations.
According to the complaint, from at least 2015 through 2019, GIS-a financial firm located in the United Kingdom that has never been registered as a broker or dealer in the United States-provided clearance and settlement services to hundreds of U.S. customers for trades primarily between U.S. buyers and sellers and involving billions of dollars worth of securities. The complaint all