FINRA Censures and Fines United Planners for Unsuitable GPB Funds Sales
According to The Financial Industry Regulatory Authority (FINRA) on June 17, the regulator censured and fined United Planners’ Financial Services of America $40,000 and ordered the firm to pay partial restitution of $37,125, plus interest.
United Planners (CRD #20804), a broker dealer based in Scottsdale, Arizona, engages in a general securities business, including the sales of equity securities, mutual funds, variable annuities, and private placements.
According to FINRA, between May 4, 2018, and June 29, 2018, United Planners allegedly failed to tell four investors in an offering related to GPB Capital Holdings, LLC that the issuer failed to timely make required filings with the Securities and Exchange Commission, including filing audited financial statements. United Planners purportedly sold the offering, GPB Holdings II, to four investors for a total of $450,000 and received $ 37,125 in commissions. The delay in GPB filing its financials was material information that should have been disclosed, according to FINRA.
Last February we reported that the CEO of GPB Capital Holdings, a New York-based registered investment adviser, and two others were arrested in connection with a massive “Ponzi-like scheme” that allegedly defrauded 17,000 investors across the U.S. out of more than $1.7 billion, according to the U.S. Attorney’s Office for the Eastern District of New York.
Potential Lawsuits to Recover Financial Losses
The White Law Group has represented numerous investors who suffered financial losses involving GPB Capital. To learn more about the firm’s investigation please see:
GPB Capital Execs Arrested for Allegations of “Ponzi-like Scheme”
Claims for GPB Holdings II LP Shareholders
This information is all publicly available and provided to you by the White Law Group. For a free consultation with a securities attorney, please call the White Law Group at (888) 637-5510. To learn more about the firm’s recent claims involving high risk alternative investments, please see:
Center Street Securities Lawsuit Involves GWG L Bonds and other High-risk Investments
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.
Tags: GPB Capital lawsuit, GPB Holdings II, GPB Holdings II losses, GPB investigation, securities fraud attorneys, United Planners Financial Services of America complaints, United Planners Financial Services of America lawsuit, United PLanners FINRA lawsuit, United Planners investigation, United Planners investor disputes, United Planners' Financial Services of America GWG L Bonds, United Planners' losses Last modified: December 9, 2022