Tr?id=566623520170033&ev=PageView&noscript=1

ÍøÆØ³Ô¹Ï

FINRA Fines Another Financial Advisory Firm Over GPB Private Placement Sales

Posted on September 26th, 2022 at 1:11 PM
FINRA Fines Another Financial Advisory Firm Over GPB Private Placement Sales

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï.

The Financial Industry Regulatory Authority (FINRA) has issued a $60,000 fine to Sanctuary Securities, formerly known as David A. Noyes & Company, over improper sales of two GPB Capital private placement offerings.

One of the private placement offerings, GPB Automotive, was created in 2013 to invest in automotive dealerships while the other private placement, GPB Holdings 1, was designed in 2015 primarily to invest in automotive, retail and managed information technology sectors. Sanctuary Securities “negligently failed” to inform eight investors that GPB had failed to timely submit its required filings, including audited financial statements, with the Securities and Exchange Commission (SEC), according to FINRA. The sales, which all occurred during June 2018, totaled $600,000 while the firm generated nearly $48,000 in commissions.

The Justice Department and the SEC charged GPB Capital last year with operating a fraudulent “Ponzi-like scheme” that collected at least $1.8 billion from investors. According to FINRA, Sanctuary Securities has agreed to pay partial restitution of $48,000 plus interest in addition to the fine and a censure.

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, gpb

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

1778171646 Law
May 7, 2026
FINRA Bars Former Raymond James Broker for Refusing Testimony in Unauthorized Trading Probe

A former registered representative with Raymond James has been barred from the securities industry after refusing to cooperate with a Financial Industry Regulatory Authority (FINRA) investigation into alleged unauthorized trading activity.

1778084309 Law
May 6, 2026
FINRA Outlines Key Rulemaking Priorities and Recent Developments in Quarterly Agenda

The Financial Industry Regulatory Authority (FINRA) recently released its Quarterly Regulatory Policy Agenda, offering a detailed view of its rulemaking priorities, pending proposals, and recently approved regulatory changes.

1778000603 Law
May 5, 2026
Commonwealth Financial Network Resolves SEC Conflict of Interest Case

Commonwealth Financial Network has agreed to pay $5 million to resolve a long-standing conflict of interest case brought by the Securities and Exchange Commission, according to reporting by ThinkAdvisor.