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The Securities Arbitration Law Firm of KlaymanToskes (www.klaymantoskes.com) is preparing to file a claim with FINRA on behalf of Investors with Royal Alliance Associates, Inc. (“Royal Alliance”) and Matthew William Crafa (“Crafa”). The claim is based on the solicitation and recommendation to purchase GPB Capital Holdings (“GPB”) notes, which are private placement securities.
Under FINRA Rules, broker-dealers have an obligation to make suitable recommendations to their customers and to conduct adequate due diligence into the investment. Furthermore, Royal Alliance was obligated to properly supervise the activities of Crafa including that he was making suitable recommendations to his customers. Additional FINRA sales practice rules related to potential violations may include misrepresentations and omissions of material facts, conflicts of interest, negligence, and securities concentration.
GPB has been in recent news notifying investors that they should no longer rely on 2015 and 2016 financial statements and independent accounts’ reports. The CEO of GPB, David Gentile, disclosed that “certain material weaknesses in internal controls exist,” causing inaccuracies in the timing and amounts of income recognition. This disclosure followed an internal accounting review that was conducted by GPB, freezing monthly interest payments.
The sole purpose of this release is to investigate on behalf of our clients who purchased these notes from Royal Alliance and Crafa. Current and former customers of Royal Alliance and/or Crafa who have information relating to the manner in which the firm represented these financial products are encouraged to contact Lawrence Klayman, Esq. of KlaymanToskes at (888) 997-9956, or visit our website at www.klaymantoskes.com.