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:
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