Advisor Troy Goldberg (Goldberg), currently employed by National Securities (National Securities) has been subject to at least 13 customer complaints during the course of his career. According to a BrokerCheck report the six most recent customer complaints filed since 2019 appear to concern unsuitable investments in private placements investments. These allegations may concern investments in GPB Capital Holdings (GPB Capital) related investments. National Securities is known to have approved their brokers to sell GPB Capital to their clients.
On February 4, 2021 the U.S. Securities and Exchange Commission (SEC), the U.S. Attorney’s Office for the Eastern District of New York (DOJ), and seven states filed separate simultaneous actions against GPB Capital and other defendants connected to the firm accusing it of being a Ponzi-like scheme. In a press release the SEC stated that it “charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion…”
As reported by Bloomberg “If proved, [GPB] would be one of the largest such schemes to target individual investors since the massive frauds of Bernard Madoff and Robert Allen Stanford came to light.” The DOJ indicted David Gentile, the founder of GPB, Jeffry Schneider, the owner and CEO of Ascendant Capital LLC, and Jeffrey Lash, a former managing partner of GPB relating to the fraud. If convicted, the defendants each face up to 20 years’ imprisonment.