Securities Arbitration Lawyer Blog
Iorio Altamirano LLP is currently investigating Royal Alliance Associates, Inc. broker Matthew Crafa who is reportedly facing three securities arbitration claims related to recommendations to invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Mr. Crafa has been a broker at Royal Alliance Associates, Inc. since 2011. Iorio Altamirano LLP is also investigating the sales practices and due diligence of Royal Alliance Associates related to its sale of GPB Capital funds. Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings. Royal Alliance Associates has faced numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who can navigate the arbitration process and effectively advocate on their behalf.
Iorio Altamirano LLP is a securities arbitration law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.
If you have suffered financial losses as a result of any of the following GPB private placement offerings, contact Iorio Altamirano LLP for a free and confidential review of your legal rights:
- GPB Automotive Portfolio, LP
- GPB Cold Storage LP
- GPB Holdings, LP
- GPB Holdings II, LP
- GPB Holdings III, LP
- GPB Holdings Qualified, LP
- GPB NYC Development, LP
- GPB Waste Management Fund, LP
Financial Advisor Matthew William Crafa (CRD No. 3114277)
Mr. Crafa has 22 years of experience and has been associated with eight different brokerage firms:
- Royal Alliance Associates, Inc. in Garden City, New York, from July 2007 to the present.
- Fahnestock Asset Management in Melville, New York, from July 2005 to August 2007.
- Oppenheimer & Co. Inc. in Melville, New York, from July 2005 to August 2007.
- Ladenburg Thalmann Asset Management Inc. in New York, New York, from January 2004 to July 2005.
- Quick & Reilly, Inc. in Garden City, New York, from November 2002 to January 2004.
- Quick & Reilly, Inc. in New York, New York, from October 2002 to January 2004.
- Prudential Securities Incorporated in New York, New York, from February 2001 to September 2002.
- Dean Witter Reynolds Inc. in Purchase, New York, from February 1999 to February 2001.
- Royce Investment Group, Inc. in Woodbury, New York, from October 1998 to February 1999.
Mr. Crafa is also currently affiliated with Gateway Investments, LLC and Retirement Advisory Services Corp.
According to this public disclosure report with FIRNA, Mr. Crafa is the subject of at least three customer disputes:
- Customer Dispute (April 2019): In April 2019, a customer filed a securities arbitration complaint alleging $1 million in damages related to Mr. Crafa’s recommendation to invest in a private fund. The claim alleges breach of contract, breach of fiduciary duty, and negligence. The dispute is currently pending.
- Customer Dispute (January 2020): In January 2020, a customer filed a securities arbitration claim that alleged that Mr. Crafa and/or Royal Alliance made material misrepresentations of a private investment fund. The dispute is still pending.
- Customer Dispute (February 2020): In February 2020, a customer filed a securities arbitration complaint related to a private fund recommendation that included the following causes of action: FINRA Rules 2010 and 2111 violations, negligence, misrepresentation, and breach of fiduciary duty. The dispute has not reached a final resolution.
Based on publicly available reports, all three of these disputes appear to be related to recommendations by Mr. Crafa to invest in the GPB private offerings.
How to Recover Losses or Obtain a Free Consultation
If you have suffered financial losses investing with Mr. Crafa or Royal Alliance Associates, Inc., or suspect that Mr. Crafa did not have your best interest in mind when recommending an investment, such as one of the GPB Capital notes, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.