Iorio Altamirano LLP is currently investigating former Axiom Capital Management, Inc. broker Michael Packman, who reportedly recommended that his customers 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. Packman was a broker at Axiom Capital Management, Inc. in Westbury, New York, from May 2015 to March 2018. Before he joined Axiom Capital Management, Inc. in 2018, he was associated with several disreputable brokerage firms, including Financial West Group and Continental Broker-Dealer Corp., both of which were expelled from the industry by FINRA.
Iorio Altamirano LLP is also investigating the sales practices and due diligence of Axiom Capital Management, Inc. related to its sale of GPB Capital funds. It is believed, according to reports, that Axiom Capital Management, Inc. has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.