GPB Fails to Provide Key Tax Documents to Investors by Tax Day
NEW YORK, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Beleaguered alternative asset firm, GPB Capital Holdings, has notified investors of its GPB Automotive Portfolio fund that it won’t be delivering key tax documents, such as the Schedule K-1, to them in time for this year’s April 15th tax deadline. Our GPB investor fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have been hard at work filing broker fraud lawsuits against the brokerage firms and brokers that sold GPB private placements to thousands of investors. Unfortunately, while investors have lost money, broker-dealers and their financial representatives earned more than $160M in commissions, including $52.5M from the GPB Automotive Portfolio.
The GPB Automotive Portfolio is one of the company’s two largest funds, having raised $622.1M alone from more than 6,500 investors, many of whom have suffered huge losses after the fund’s private placements dropped in value by 39%. This is not the first time that GPB has been unable to furnish promised documents. The firm has yet to provide required statements to regulators for years. While it continues to promise investors access to their audited statements, the company continues to renege on these promises.
With this latest document delay, GPB reportedly sent a letter on January 23rd to investors letting them know that it wouldn’t be able to deliver their K-1 documents before tax day. A Schedule K-1 is a tax form that lets investors know how much money they’ve made or lost, as well as the value of their investments. Investors not able to file their K1s along with their other tax documents by April 15th must file for an extension.
It is not too late to speak with an experienced GPB investor fraud law firm to explore your legal options. If you are a GPB investor or have a loved one who invested in any GPB-related funds and suffered losses, please contact SSEK Law Firm today for a free, confidential evaluation of your investments and legal options. We are expecting to represent a number of GPB investors before FINRA arbitrators this year, including a GPB fraud case against Arkadios Capital in April, which is expected to be the first claim against GPB to go before FINRA.
Contact Info – (800) 259-9010
Sam Edwards: sedwards@sseklaw.com
Kirk Smith: ksmith@sseklaw.com
