“Opening the Floodgates”: Major Surge in Lawsuits Expected From Thousands of GPB Capital Victims in Class Action Litigation and FINRA Arbitration Cases to Recover Lost Investments.
NEW YORK CITY//February 9, 2021//The filing of criminal charges last Thursday (February 4th) against GPB Capital on the grounds that it is a Ponzi scheme involving 17,000 Main Street investors with $2 billion in losses is likely to result in another major uptick in lawsuits and arbitrations filed by victims, according to Joseph Peiffer, managing partner, Peiffer Wolf Carr Kane & Conway (Peiffer Wolf)
Peiffer Wolf is the leading U.S. law firm seeking justice for victims of GPB Capital. 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. As of today, Peiffer Wolf is dealing with hundreds of GPB Capital investors and the law firm expects to see those numbers grow significantly in the coming days.
Joseph Peiffer, managing partner, Peiffer Wolf Carr Kane & Conway, said: “The filing of criminal charges against GPB Capital’s kingpins puts the lie to the siren song of GPB and its ‘helpers.’ Unfortunately, this stalling tactic is a common element of Ponzi schemes and only allows the scam artists involved to make off with even more of the loot. With this most recent development, the big lie has been exposed.”
Contrary to an erroneous media report crediting another law firm, the first GPB Capital arbitration case reaching a positive outcome was handled by Peiffer Wolf. In November 2020, a FINRA arbitration panel awarded the Stanley and Millicent Barasch Living Trust $1.3 million. After hearing evidence about the horrendous GPB advice Millicent Barasch received from her brokerage firm, the panel awarded punitive damages. Notably, this award was rendered shortly after Millicent succumbed to Covid-19. She was 93.
Peiffer added: “My law firm has been sounding the alarm on this for 18 months. GPB Capital is a classic Ponzi scheme involving nearly $2 billion 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.”
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 return of taxpayer dollars.
In November 2019, Peiffer Wolf held a New York City news conference to present a GPB whistleblower who discovered the inherent abuses and conflicts of interest within 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.
Many of the defrauded GPB Capital victims are retirees concentrated in Texas, Florida, and Arizona.
Peiffer Wolf Carr Kane & Conway, LLP 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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