June 19, 2019
Richard Braverman of Lancaster, PA, who currently heads Braverman Financial Associates, held seminars to pitch investments in GPB. Many of the individuals who attended Mr. Braverman’s GPB seminars invested and incurred financial losses.
Financial advisors are heavily incentivized to sell GPB investments to their customers. According to regulatory filings, financial advisers sold $1.5 billion of these high-risk private placements offered by GPB Capital Holdings (GPB Capital Holding’s funds include GPB Cold Storage, GPB Automotive Fund, GPB Automotive Income, GPB Holdings II and III, GPB Waste Management, and BGP NY Development). Recently, a former compliance officer from one of these broker-dealers came forward as a whistleblower to allege that GPB Holdings should have never been approved for sale. According to the whistleblower’s allegation, GPB should not have been approved for sale to retail customers because “GPB Capital Holdings, LLC were utilizing investor funds to monetize personal business interest.”
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