Madoff Lesson Not Learned? Law Firm Sounded Alarm in Mid-2019 Even as GPB Capital Got a Pass From Most on Wall Street and in the Media; “Thousands of Victims Needlessly Cleaned Out” by Delay in Action.
NEW YORK CITY//February 4, 2021//Joseph Peiffer, managing partner, Peiffer Wolf Carr Kane & Conway, issued the following statement today on the filing of criminal charges against David Gentile, the chief executive of GPB Capital Holdings LLC, Jeffrey Schneider, the owner of GPB’s affiliate Ascendant Capital, and Jeffrey Lash, a former GPB managing partner:
“My law firm has been sounding the alarm on this for 18 months. GPB Capital is a classic Ponzi scheme involving nearly $2 billion in funds from thousands of Main Street investors who got roped in by thirsty hustlers. It is disappointing that the financial world essentially gave GPB Capital a pass. After Madoff, there is just no excuse.”
“As recently as last fall, we went public again and said that ‘GPB Capital has to be stopped.’ The toll inflicted by the unbridled and unrestrained greed of the principals and financial professionals behind this Ponzi scheme already have destroyed lives, retirement plans, and it will take years for the full extent of the damage done here to be sorted out. For any investors still on the sidelines, these new criminal charges should remove any doubt about their GPB investments bouncing back.”
In July 2020, Peiffer Wolf warned that the controversial GPB Capital Ponzi scheme is getting up to $7 million in Paycheck Protection Program (PPP) funds in what “may be one of the most flagrant abuses of taxpayer dollars of this century.” The law firm called on the White House and Congress to compel the investment swindle to return the taxpayer dollars.
Peiffer Wolf estimates that the GPB Capital Ponzi scheme has claimed up to $2 billion from up to 17,000 investors, many of whom are retirees concentrated in Texas, Florida, and Arizona. In June 2020, Peiffer Wolf turned up the heat with a major update to their class action lawsuit and by reaching the nearly three-dozen mark in related FINRA arbitration cases seeking recovery for defrauded investors.
In November 2019, Peiffer Wolf held a New York City news conference to present a GPB whistleblower who was fired after refusing to help cover up the GPB Capital Ponzi scheme. In September 2019, Peiffer Wolf and the law firm Meyer Wilson labeled GPB Capital a Ponzi scheme and forecast an “avalanche” of retiree arbitration cases in the unfolding scandal.
Peiffer Wolf Carr Kane & Conway, APLC is a national law firm with offices in Austin, New York, Missouri, Cleveland, New Orleans, San Francisco, and Los Angeles. www.gpblawyer.com
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