GPB Capital Holdings/Direct Private Placements/Limited Partnership losses with Great Point Capital, LLC Broker Scott A. Kemps
Great Point Capital, LLC
Colling Gilbert Wright and Carter is currently investigating Great Point Capital, LLC broker Scott Arthur Kemps (CRD# 1849069 – “Mr. Kemps”), who is alleged to have recommended unsuitable GPB Capital Holdings funds/Direct Private Placements and Limited Partnership interests (Mr. has been previously registered with Meyers Associates, L.P.; International Assets Advisory , LLC; Ariston Wealth Management, L.P.; Anderson & Strudwick, Inc.; and several other now defunct brokerage firms in the Central Florida area including Orlando/Melbourne/Indialantic/Satellite Beach).
Background on Great Point Capital, LLC
Great Point Capital, LLC is a Chicago, IL-based investment firm that offers exempt, private-placement securities (DPP) and limited partnerships (LP) among other types of securities. These DPP and LP investments inherently have a high degree of risk due to their nature as unregistered securities offerings (and limited regulatory oversight). It has been alleged that brokerage firms that sold GPB Capital Holdings (and Limited Partnerships) and their registered representative who recommended these DPP and LP investments to their clients may not have conducted the necessary and appropriate due diligence on the funds, promissory notes and partnerships.
Mr. Kemps has been the subject of four customer complaints including two pending complaints in the past six (6) months while at Great Point Capital, LLC:
- December 2020: “Client is claiming that three DPP investments Unsuitable recommendation to her between 2015 and 2020 were unsuitable; re: Direct Investment – DPP & LP Interests.” The customer is seeking $300,000.00 in damages and the case is currently pending.
- March 2021: “Claim alleges lack of due diligence, negligence, breach of fiduciary duty, lack of suitability, statutory fraud and breach of contract re sale of GPB Funds. Broker dealer named, registered rep not named but said to make unsuitable recommendations as part of claim re; Other; Private Placements.” The customer is seeking $600,000.00 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Great Point Capital, LLC may be liable for investment or other losses suffered by Mr. Kemp’s customers.
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