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

ÍøÆØ³Ô¹Ï

FINRA Fines United Planners Over GPB Private Placement Sales

Posted on June 30th, 2022 at 1:18 PM
FINRA Fines United Planners Over GPB Private Placement Sales

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï:

The Financial Industry Regulatory Authority (FINRA) has fined United Planners’ Financial Services of America over negligent sales of private placements issued by GPB Capital Holdings.


The issuance comes after GPB failed to submit audited financial statements in 2018 for some of its investments that pose a higher risk. The settlement, which United Planners accepted without admitting or denying any of FINRA’s investigatory findings, requires the firm to pay $40,000 in fines and $37,000 in restitution to four particular clients. FINRA has categorized the restitution as “partial” since it accounted only for commissions the clients previously had paid.


GPB cut dividends for some of its private placements after failing to timely file the audited financial statements. Furthermore, the Justice Department charged GPB founder David Gentile and other executives with fraud in 2021. According to FINRA, United Planners “negligently omitted” to inform four GPB private placement investors that the company had failed to timely submit required filings with the SEC, including audited financial statements.


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

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

1784134373 Law
July 15, 2026
LPL Financial Faces Class Action Over Phoenix Annuity Disclosures

LPL Financial faces a proposed class action lawsuit alleging that the firm failed to warn annuity investors about the declining financial condition of Phoenix PHL Variable Insurance Company.

1784046159 Law
July 14, 2026
Mariner ÍøÆØ³Ô¹Ïalth Advisors Reports Data Breach Affecting Nearly 9,000 Customers

Mariner ÍøÆØ³Ô¹Ïalth Advisors LLC disclosed a data breach that exposed personal information of 8,995 customers, according to AdvisorHub.

1783957061 Law
July 13, 2026
FINRA Warns of Growing Risks From Finfluencers and AI-Driven Investment Content

Financial Industry Regulatory Authority (FINRA) regulators are raising concerns about the increasing influence of social media personalities and artificial intelligence (AI) on retail investors, particularly those managing their own investments without professional guidance.