David Atlee, Formerly of Triad Advisors, Accused of Unsuitable Recommendations in GPB Capital Holdings

The claimant alleged that Atlee sold unsuitable investments in GPB Holdings and GPB Automotive.

The Sonn Law Group is investigating allegations that David Atlee sold unsuitable investments in GPB Capital Holdings. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

David Atlee (CRD#: 5565960) was registered as a broker with Triad Advisors, Inc. from August 2014 until June 2017.

GPB Capital Holdings is a New York-based investment firm that offers exempt, private-placement securities. These investments inherently have a high degree of risk due to their nature as unregistered securities offerings (and without regulatory oversight). The investment firm raised $1.8 billion from investors through private placements that invested in automotive dealerships, the waste management industry, and middle-market lending. These investments were high risk and high commission (nearly 8%) private placements.

GPB Capital has been embroiled in legal disputes in the recent past. In November 2019, GPB informed investors that they would not be supplying the audited financial reports by their deadline, even though investors have been awaiting the audits since April. GPB Capital has also been under investigation by both the SEC and the FBI. In October, GPB’s CCO was charged with obstruction of justice in relation to a GPB investigation. 

GPB Capital Holdings manages the following nine private placements:

• GPB Automotive Portfolio, LP
• GPB Cold Storage LP
• GPB Holdings, LP
• GPB Holdings II, LP
• GPB Holdings III, LP
• GPB Holdings Qualified, LP
• GPB NYC Development, LP
• GPB Waste Management Fund, LP

Atlee has one disclosure on his BrokerCheck report.

October 2019 Customer Dispute

• Status: Pending
• Allegations: “Claimants allege that GPB investments in 2015 were unsuitable. Statement of Claim refers, incorrectly, to a different former Triad Representative, as having sold the GPB investments at Triad. Records indicate it was former Representative Atlee, the son of the Claimants, who sold GPB Holdings and GPB Automotive investments while registered with Triad. The Representative specifically named in the Statement of Claim sold a GPB investment to Claimants at his successive firm and that investment is referenced in a footnote to the Statement of Claim.”
• Damage Amount Requested: $500,000.00

Contact Us Today

The Sonn Law Group is currently investigating allegations that David Atlee recommended unsuitable investments in GPB Capital Holdings. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.