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According to SEC filings, GPB Automotive Portfolio LP entered into an agreement with Group 1 Automotive, Inc. on September 12, 2021, to sell Prime Automotive for $880 million, consisting of 30 car dealerships and three collision centers located in the Northeast of the United States.  According to a press release issued by Group 1 Automotive, Inc., the Prime Automotive dealerships generated $1.8 billion in annual revenues in 2020.

The future of GPB Automotive Portfolio, LP remains uncertain. Investors of GPB Automotive Portfolio LP are encouraged to act now and contact a securities arbitration law firm for a free consultation and review of their legal rights.

Iorio Altamirano LP is a securities arbitration law firm that represents GPB Automotive.  

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Joseph Lianzo from the securities industry for eight months.  Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four customers’ accounts and placed 13 unauthorized transactions in violation of FINRA Rules 2111 and 2010.  As a result of churning and excessive trading, the customers incurred high commissions and fees, and significant realized investment losses.

Customers of Mr. Lianzo, Laidlaw & Company (UK) LTD, or SW Financial should consult with a securities arbitration law firm.  If you or a loved one were a customer of Joseph Lianzo, Laidlaw & Company (UK) LTD, or SW Financial LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Laidlaw & Company (UK) Ltd or SW Financial.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Donald Fowler from the securities industry.  Mr. Fowler consented to the suspension after FINRA alleged that from December 2014 through December 2018, while associated with Worden Capital Management LLC, Mr. Fowler churned and excessively traded four customers’ accounts in violation of FINRA Rules 2111 and 2010.  As a result of churning and excessive trading, the customers incurred high commissions and fees, and significant realized investment losses.

Customers of Mr. Fowler or Worden Capital Management LLC should consult with a securities arbitration law firm.  If you or a loved one were a customer of Donald Fowler or Worden Capital Management LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

August 24, 2021 – This morning, investors of GPB Automotive Portfolio LP woke up to more worrisome news, as the Wall Street Journal reported that the GPB Capital Holdings LLC, is looking to sell its largest dealership group, Prime Automotive, raising speculation that the GPB Automotive is running out of cash.

The latest news follows GPB Automotive’s regulatory filings in May 2021 that disclosed that there was substantial doubt that the business would survive, and July 2021 that disclosed that the Partnership was able to obtain a financing agreement with M&T Bank, but that the Partnership only had sufficient liquidity to meet its financial obligations through July 21, 2022.

In its latest regulatory filing, on August 16, 2021, GPB Automotive disclosed that it might sell dealerships to provide operational liquidity.  According to the Wall Street Journal, such sales may be priced below fair value and go on the book as losses.

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbrokers Alfonse Stazzone and Maxim Beliakov from the securities industry for four months.  The financial advisors consented to the suspension after FINRA alleged that, while associated with Woodstock Financial Group, Inc., they excessively and unsuitably traded a customer’s account between September 2017 and August 2018. FINRA also fined both brokers $5,000 each.

Customers of Messrs. Stazzone and Beliakov or Woodstock Financial Group, Inc. who have suffered financial losses, or suspect that the brokers did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Woodstock Financial Group, Inc.

On August 6, 2021, the Chairman and Chief Executive Officer of Energy 11 GP, LLC, the general partner of Energy 11, L.P. (“Energy 11”), sent a letter to investors of Energy 11.  Despite the upbeat and optimistic tone of the letter, as well as the representations made by David Lerner Associates, Inc.’s financial advisors to customers, investors have the right to feel concerned about their investments based on Energy 11’s public filings with the United States Securities and Exchange Commission (“SEC”).  Most notably for investors:

  • Energy 11 has not made distributions to its limited partners since March 2020.
  • Energy 11 owes its limited partners 18 months of unpaid distributions, totaling more than $36 million.

On August 13, 2021, a FINRA arbitration panel in New York, New York, ruled in favor of a brokerage customer that invested in GPB Automotive Portfolio LP and GPB Waste Management LP at the recommendation of his financial advisor at Hightower Securities, LLC.

The arbitration panel ordered Hightower Securities, LLC to refund $163,201 to the customer in exchange for a return of the limited partnership interests, essentially making the customer whole. The customer had purchased the limited partnership interests for $170,000 and had previously received $6,799 from the investments as a return of capital.

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.

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Jason Seale from the securities industry for 15 business days.  Mr. Seale consented to the suspension after FINRA alleged that, while associated with American Wealth Management, Inc. in Novato, CA, he engaged in discretionary trading without written authorization in four customer accounts between February 2016 and December 2018.  FINRA also fined Mr. Seale $5,000.

Customers of Mr. Seale or American Wealth Management, Inc. who have suffered financial losses, or suspect that Mr. Seale did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as American Wealth Management, Inc.

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months.  Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively traded three customers’ accounts in violation of FINRA Rules 2111 and 2010.  In addition to the suspension, Mr. Cangialosi is also subject to a $7,500 fine and an order to pay $271,622 in restitution to clients.  However, it is unclear whether Mr. Cangialosi will be able to satisfy the restitution order.

Customers of Mr. Cangialosi or Worden Capital Management LLC, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of John Cangialosi or Worden Capital Management LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

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