TD Ameritrade AdvisorDirect® Referral Program Customer Who Invested in GPB Capital?
National investor fraud law firm, KlaymanToskes (“KT”), continues its investigation of and is filing a FINRA arbitration claim against TD Ameritrade (“TD Ameritrade GPB Investigation”) on behalf of an investor who sustained losses in GPB Holdings, LP and other related non-registered private placement securities resulting from recommendations from their investment advisor through the TD Ameritrade AdvisorDirect® Referral Program.
TD Ameritrade AdvisorDirect®Program and GPB Capital
TD Ameritrade, which was recently acquired by Charles Schwab (NYSE: SCHW), offers to help investors find a Registered Investment Advisor through its AdvisorDirect® service. TD Ameritrade’s website makes clear that based on your personal needs, “Our AdvisorDirect® referral program gets you an introduction to an independent [RIA]”.
The Securities and Exchange Commission alleges that GPB principals and their affiliated entities are “running a Ponzi-like scheme that raised over $1.7 billion from securities issued by … GPB Capital.” According to securities attorney Lawrence L. Klayman, “TD Ameritrade is responsible to conduct adequate due diligence selecting investment advisors for their referral program and to supervise the account activities for the fees they receive directly from client accounts.”
TD Ameritrade GPB Investigation
GPB Capital sold and marketed non-registered private placement notes through inadequate disclosure of illiquidity, high risks, and commissions, which made the investments unsuitable for most investors. Securities under investigation include:
- GPB Holdings, LP
- GPB Cold Storage, LP
- GPB Automotive Portfolio, LP
- GPB Waste Management, LP
The sole purpose of this release is to investigate on behalf of our client who purchased GPB Capital private placement notes through the TD Ameritrade AdvisorDirect® Referral Program. Investors who have TD Ameritrade AdvisorDirect® accounts with information relating to the manner in which their accounts were handled are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131.
About Klayman Toskes
KT is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered more than $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico