GPB Capital TD Ameritrade AdvisorDirect | KlaymanToskes
Summary
TD Ameritrade, which was recently acquired by Charles Schwab (NYSE: SCHW), offers to help investors find a Registered Investment Advisor (RIA) through AdvisorDirect® advisory service. TD Ameritrade’s website makes clear that based on your personal needs, “Our AdvisorDirect® referral program gets you an introduction to an independent Registered Investment Advisor (RIA)”. According to the Securities and Exchange Commission (SEC), GPB principals and their affiliated entities were charged “with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, 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.” 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. Investors who have information relating to the manner in which the their accounts were handled are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131.