Previously registered broker David Lewis Ermlick, also kown as Dave Ermlick (CRD#:4846833) is currently under investigation from investment fraud lawyers in relation to a pending customer complaint from 2020. According to Ermlick‘ s FINRA report, the investment adviser, who was affiliated with Center Street Industries (CRD#:26898), has an arbitration pending in relation to allegedly selling investments in private equity fund GPB Capital Holdings LLC. The FINRA report also shows a judgment against former broker David Ermlick from the Inland Revenue Service (IRS) dated 2014.
According to his IAPD Report, David Ermlick is currently a registered investment adviser with First Advisors National, in Centerville, Virgina.
Concerned about investments with
The GPB Investigation
During February 2020, a customer reportedly complained that broker David Ermlick had allegedly bought unsuitable shares in GPB Capital Holdings LLC for the customer and is claiming damages worth $250,000.00 as a result of this investment.
A former FINRA examiner, Toni Caiazzo Neff, tipped off the U.S Securities and Exchange Commission (SEC) about her suspicions surrounding the firm in 2018 and accused GPB in 2019 of being Ponzi Scheme, suggesting that the firm was guilty of self-dealing activities.
Similarly, GPB Capital Holdings LLC has been accused by an investor of self-dealing through the owners of the company via a constellation of shell companies. The firm was allegedly able to do this by paying high commissions to brokers and investment advisors, who sold investments through GPB’s funds to customers.
The firm GPB Capital Holdings LLC has been operating since 2013 and was founded by David Gentile, with its offices based in New York City. The firm is marketed as an alternative asset management firm, which advertises that it has raised $1.8 billion in capital for several of the funds. GPB purportedly invested its customers’ assets into waste management and automotive dealerships.
Currently under investigation by a number of state and federal agencies, GPB has been accused of paying new investors with old investors’ money along with paying the company’s owners and principles with the $1.8 billion that the firm raised. The firm is also accused in a number of class-action suits, whose allegations can be traced to 2013 when GPB Capital Holdings LLC acquired a pair of car dealerships in upstate New York, which was allegedly controlled by CEO and founder David Gentile and another businessman. Through this venture, GPB Capital Holdings LLC was allegedly able to raise funds and were, therefore, able to promise investors an 8% return on their investments in the firm.
GPB Capital Holdings LLC denied all allegations from such agencies and, as of the time of this blog, has not been found liable.
Concerned about investments with
If you are concerned that you have or may have lost money in relation to former Center Street Securities broker David Lewis Ermlick, David Gentile, or GPB Capital Holdings LLC please contact investment fraud lawyers at Rosca Scarlato.
Our firm represents investors in a class action against GPB and its directors. For a free, no-obligation consultation regarding your legal situation and potential recovery options, contact us by phone at 888-998-0530, by email at arosca@rscounsel.law or via the contact form on this website. GPB investors are encouraged to visit the GPB Capital Holdings investor center page for the latest case updates.
David Ermlick’ s FINRA report shows outstanding IRS Judgement
Alongside the pending customer complaint on Ermlick‘s FINRA report, there is an outstanding judgment/lien from the Inland Revenue Service (IRS) from 2014. Related to tax, the outstanding amount shown on the FINRA report stands at $100,000.00 and resulted in a tax settlement being reached between David Ermlick and the IRS. This tax settlement led to a payment plan and a lien on Ermlick‘s house.
It is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.
Have you ever had an investment with former broker David Ermlick or GPB Capital Holdings LLC? Our investment fraud lawyers are investigating
Our investment fraud lawyers at Rosca Scarlato LLC are investigating the activities surrounding David Lewis Ermlick‘ s alleged customer dispute. Rosca Scarlato represent victimized investors from around the globe who have lost money due to stockbroker misconduct, unsuitable investment recommendations, or material misrepresentations or omissions.
If you have previously invested money with former broker David Ermlick or GPB Capital Holdings LLC and are concerned that you may have incurred financial losses due to unsuitable investment recommendations, or if you wish to query your potential financial recovery options, you are advised to contact our investment fraud lawyers at Rosca Scarlato LLC.
Or, if you have any information in relation to the activities of David Ermlick, David Gentile or GPB Capital Holdings LLC please contact us as soon as possible. For a free, no-obligation consultation regarding your legal situation and potential recovery options, contact our team by phone at 888-998-0530, by email at arosca@rscounsel.law or via the contact form on this website.