Advisor Darren Oglesby (Oglesby), currently employed by Money Concepts Capital Corp. (Money Concepts) has been subject to at least four customer complaints during the course of his career. According to a BrokerCheck report one of the customer complaints that may concern fraudulent GPB Capital Holdings (GPB Capital) related investments.
GPB Capital is facing multiple accusations of being a Ponzi scheme, an ongoing U.S. Securities and Exchange Commission (SEC) and FBI investigations, and even GPB’s chief compliance officier being indicted for illegally obtaining information on the SEC’s investigation. Now even Volkswagen and Toyota are threatening to pull the plug on GPB Capital auto dealerships. While advisors have been telling investors to do absolutely nothing and just hang in there – this is nothing more than just additional poor advice. In November 2019 GPB Capital’s admitted that no financial audit would occur anytime in the near future. The firm has admitted that it has never been profitable and has merely returned investor capital in the past in order to fake a successful business model. In sum, investors now know there is nothing to hang onto. By the day, advisor recommendations to do nothing appear to be completely self-serving, out of the loop, and not in the interest of the investor.
In August 2019 a customer complained that Oglesby violated the securities laws by alleging that Hoidas engaged in sales practice violations related to a claim with FINRA that an investment was an unsuitable product, breach of contract and breach of fiduciary duty. The claim alleges $100,000 in damages and is currently pending.