Meyer Wilson is currently investigating claims against Newbridge Securities broker Scott Brooks of San Clemente, California for the inappropriate sale of GPB Capital Funds to his customers.
Brooks’s employing brokerage firm, Newbridge Securities Corporation, approved the sale of a series of limited partnerships issued by GPB Capital Holdings, including GPB Automotive Portfolio, to its customers. What Newbridge should have easily uncovered during the due diligence process for the GPB funds should have precluded them it selling GPB funds to its customers entirely. GPB was riddled with irreconcilable red flags, such as conflicts of interest, questionable funding, and insanely high costs to investors and commissions to the brokers who sold it.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients. Their employing brokerage firm has a legal and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. Firms also have a duty to conduct adequate due diligence on investments before offering them to customers. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Meyer Wilson represents dozens of investors across the country who invested in GPB Capital funds at the recommendation of their financial advisors. You can learn more about our firm and our work on GPB cases on www.gpblawyer.com. If you invested in any of the GPB Capital Funds, give us a call for a free consultation.