Financial Advisors at GPS Capital Management Allegedly Recommended Risky Private Placement Investments, Including Ponzi-Scheme GPB Holdings LP, for the Retirement Funds of a 65 Year Old.
San Francisco, CA, February 12, 2020 – The Law Offices Of Jeffrey A. Feldman Currently Represents a Bay Area Retiree (“Claimant”) In A FINRA Arbitration Claim Against GPS Capital Management (“GPS”), GPS Control Persons Daniel Wu and Dennis Lin Chen, and GPS Financial Advisor Jennifer Ling, (collectively “Respondents”). According To Allegations In The FINRA Arbitration Claim (FINRA No. 20-00333), GPS Recommended Investing Most of the Claimant’s Retirement Funds into Four Risky Private Placements, Including GPB Holdings LP.
The Claimant sought professional advice to invest her retirement funds, and opened an account with GPS Capital Management, according to allegations in the claim filed with FINRA. Per allegations in the FINRA claim, the Claimant made it clear to Respondents that these retirement funds were the bulk of her investable assets, and that her goals were safety of principal and retirement income. An Advisor at GPS then recommended that Claimant put the majority of her funds into four risky private placements, two of which turned out to be Ponzi-schemes, according to the FINRA claim.
Per allegations in the FINRA claim, none of the recommended investments met customer specific suitability standards for the Claimant, and two of them turned out to be Ponzi-schemes, including an investment in GPB Holdings. According to Mr. Feldman, “articles on GPB Capital started appearing in the first quarter of 2019, explaining how investment professionals were paid outsized commissions to sell these fraudulent GPB investments. Any investment advisor who had done proper due diligence on GPB prior to recommending the GPB private placements would have never recommended them.”
Broker Narinder Kaur Singh, Formerly With Farmers Financial Solutions, LLC, ProEquities, Inc. and Transamerica Financial Advisors, Allegedly Sold a Fraudulent Investment Contract to Retirement Age Clients
San Francisco, CA December 4, 2019 – The Law Offices Of Jeffrey A. Feldman filed a FINRA Arbitration claim on behalf of an elderly Arizona couple, alleging that financial adviser Narinder Kaur Singh (“Singh”), previously of Farmers Financial Solutions, LLC, ProEquities, Inc. and Transamerica Financial Advisers, recommended a fraudulent investment into a business controlled by Singh. The couple lost a substantial portion of their retirement funds after Singh allegedly sold them an unsuitable, non-conventional investment in a private company.
The couple, who were already long-time clients of Singh, sought her investment advice after they sold their home in California and moved to Arizona to enjoy a lower cost of living in retirement. The funds generated from the sale of their California home were going to be a significant portion of the retirement funds they would be living off of, and the couple sought Singh’s guidance to select a safe and secure investment.
According to the FINRA arbitration claim filed on behalf of the couple, Singh recommended a private “investment contract” in a company called Express Asset and Wealth Management, which she touted as a very safe investment that would pay 5% simple interest. At first the couple received regular interest payments. Later, when interest payments ceased, the couple found out their money had actually gone into a company called Express Auto Wholesale, allegedly controlled by Singh. Singh had the couple make their checks out to Express A. W., so that they could be deposited into the account of Express Auto Wholesale, while maintaining the fiction that the money was going into an investment with the more legitimate sounding name of Express Asset and Wealth Management. More information about the Law Offices of Jeffrey A. Feldman can be found at www.jeffreyfeldman.com
Investigation of Broker Ronald J. Roach’s Involvement in Solar Generator Ponzi-scheme
San Francisco, CA December 4, 2019 – San Francisco securities attorney Jeffrey A. Feldman is currently investigating Ronald J. Roach relating to his involvement in a $1 billion dollar solar generator Ponzi-scheme. Mr. Roach, of Walnut Creek, California, was terminated as a registered representative of Securities America in October of this year, and Mr. Feldman is seeking to speak with Securities America clients of Mr. Roach who invested in the Ponzi-scheme.