GPB Capital is suing Signature Bank for just over $ 2 million, claiming the lender improperly seized money from its accounts for default. One of the loans is from the Covid-19 Federal Paycheck Protection Program (PPP).

The over $ 1 million PPP loan to the company is one of several loans made to the company, which has invested through its private equity funds in waste haulers, car dealerships and cold stores in more than two hundred and fifty companies that it owns / controls. .

GPB alleges that the loan “was made in the hope that it would be canceled” and requested the cancellation of the loans. Signature Bank took the funds five days after GPB Capital and three people were charged with fraud in an alleged Ponzi scheme. The bank took the funds because the SEC charges would negatively affect GPB’s repayment capacity. GPB has denied the SEC’s allegations.

Since the arrests, lawsuits have been filed by state regulators and investors to recover losses. Regulators say GPB defrauded more than 17,000 investors over a $ 1.7 billion ponzi scheme in which investors were promised 8% dividends. Just over a week ago, the SEC appointed an independent monitor to oversee the operations of GPB Capital.

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There has been a surge of investor lawsuits. After the arrest, we spoke to Matt Thibaut of Haselkorn & Thibaut, a national company specializing in investor rights and fraud. He told me that the company had investigated GPB Capital for over two years and currently representing investors in several trials.

“Finally, the charges brought today by the SEC will hopefully put an end to the ongoing misrepresentation made by the many companies and brokers who have sold GPB who have driven investor-clients in the hope of a better day. Honestly, with so many regulatory reviews hanging over the years, formal SEC action was the other shoe that many lawyers and plaintiff investors have been waiting to drop, and there may be more to come. come.

Investors can get a free case review from an investment fraud attorney by calling 1 888 628-5590 or visit the GPB Capital investor prosecution site.


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