Did you lose money investing in Armada Waste Management (f/k/a GPB Waste Management)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who suffered losses investing in Armada Waste Management (f/k/a GPB Waste Management) at the recommendation of their financial advisor. If you suffered losses investing in the investment, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim against the brokerage firm that recommended the investment.
ABOUT GPB CAPITAL HOLDINGS
GPB Capital Holdings is an alternative asset management firm. Under SEC Regulation D, GPB Capital Holdings is eligible to offer private placements to investors. GPB Capital Holdings focuses on acquiring positions in incoming-producing private companies in various industries, including the automotive retail and waste management sectors, and raised more than $1.8 billion in investor equity through various private placement offerings. In large part, GPB Capital Holdings investments have been offered to investors through financial advisors and through registered brokerage firms.
GPB Capital Holdings has also been named in a number of class action lawsuits and other investigations, including by the SEC, the FBI, the NYC Business Integrity Commission, the New Jersey Bureau of Securities, and the Massachusetts Securities Division. The Massachusetts Securities Division has also launched an investigation into at least 63 different brokerage firms that have offered GPB Capital Holdings offerings to investors.
Due Diligence Requirement
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokerage firms that fail to conduct adequate due diligence on investments they recommend, such as Armada Waste Management (f/k/a GPB Waste Management), or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing in Armada Waste Management (f/k/a GPB Waste Management) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.