Iorio Altamirano LLP Investigates National Securities Corporation Over GPB Funds

National Securities Corporation is a full-service broker-dealer with main offices in New York, New York, and Boca Raton, Florida. The firm has been in the securities industry since 1947.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, National Securities Corporation likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with National Securities Corporation, you may have a claim.

National Securities Corporation has faced numerous FINRA arbitration complaints from customers seeking to recover GPB funds investment losses. Current and former National Securities Corporation brokers who may have recommended GPB Capital funds or other investments in private placement offerings to clients include:

  • John Burnham;
  • Christopher Ortiz;
  • Mark Alan Cline;
  • Willard Pugh; and
  • Michael Fasciglione.

If you invested in the GPB funds with National Securities Corporation, contact New York securities 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.

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.

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.

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 funds with National Securities Corporation, contact securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at, 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.

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