**Update: June 17, 2022** The SEC and GPB’s court-appointed monitor have submitted court filings recommending that GPB Capital Holdings LLC be placed in receivership to prevent GPB founder and owner David Gentile from reasserting control over the firm that has been accused of running a Ponzi-like scheme by regulators. Joseph Gardemal, the GPB court-appointed monitor, said in a court filing that a receiver would reduce the financial drain from a management arrangement set up by Mr. Gentile before he resigned in early 2021 after being charged with fraud. Mr. Gardmal said that, without a receivership, said investors might wait many more years for any return of their invested capital. According to the to court filings, GPB management has been unable to formulate a distribution proposal, he said.
GPB Capital investors are encouraged to contact securities arbitration law firm Iorio Altamirano LLP to review their legal rights and options.