American Capital Partners, LLC is a broker-dealer headquartered in Hauppauge, New York. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB Automotive Portfolio, LP to retail investors. Upon information and belief, broker Frank Palumbo was one of the financial advisors at American Capital Partners, LLC’s that recommend GPB Automotive Portfolio, LP to retail customers.
Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB Capital funds scheme. The GPB Capital funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors.
Customers who have invested in GPB Automotive Portfolio, LP with American Capital Partners, LLC, should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and to review their legal rights.
The SEC has charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.
Nearly $1.7 billion of that total was invested in GPB Capital’s four flagship funds:
- GPB Holdings, LP / GPB Holdings Qualified, LP (“Holdings Qualified”) (collectively, “Holdings I”), launched in March 2013;
- GPB Automotive Portfolio, LP (“Automotive Portfolio”), launched in May 2013;
- GPB Holdings II, LP (“Holdings II”), launched in April 2015; and
- GPB Waste Management, LP (“Waste Management”), launched in August 2016.
If you invested in the GPB Automotive Portfolio, LP with American Capital Partners, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account. We have nearly 20 years of combined experience as securities arbitration lawyers and have helped investors recover investment losses in over 1,000 cases. Our firm will file a FINRA arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.
Related actions have also been initiated all over the country. The New York State Attorney General filed a complaint against GPB Capital. According to the complaint, as of June 2019, GPB Capital estimated the fair market value of its funds’ portfolio assets at approximately $1 billion – representing a more than 40% loss on investors’ initial capital contributions. The exact portfolio asset values are unknown, as the funds have not issued audited financials since 2016.
In addition to the State of New York, Massachusetts, Georgia, Illinois, Missouri, South Carolina, and Alabama have initiated similar legal proceedings.
You can read more about our firm’s investigation into the GPB funds and the SEC action here.
American Capital Partners, LLC
American Capital Partners, LLC is a Long Island-based brokerage firm with 57 registered representatives.
In 2017, Reuters investigated and exposed 48 brokerage firms that tended to employ brokers with histories of misconduct sanctions, legal disputes, and financial distress. Each of the 48 firms had more than 30 percent of its brokers with at least one significant red flag on their records. American Capital Partners, LLC was one of those firms, and Frank Palumbo is one of the brokers that the firm employed who had significant red flag disclosures on his public disclosure report. Specifically, he has been previously suspended by FINRA in 2004 and has also been the subject of two customer disputes.
In recent years, the firm has faced several customer complaints related to private placement investments. For example, in August 2019, a customer filed a securities arbitration complaint alleging $700,000 in damages related to private placements recommended by broker Anthony Vultaggio Jr. Another similar securities arbitration complaint was filed against American Capital Partners, LLC in April 2020. The complaint alleged over $1 million in damages as a result of Mr. Vultaggio’s recommendation related to a private placement investment.
How to Recover Losses or Obtain a Free Consultation
When an investor suffers investment losses due to misconduct by a financial advisor or broker-dealer, the investor can file a securities arbitration claim against their financial advisor and/or broker-dealer in an effort to be compensated.
Iorio Altamirano LLP is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
If you have lost money on the GPB Automotive Portfolio, LP with American Capital Partners, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at firstname.lastname@example.org, email@example.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.