Group 1 buys 30 Prime Automotive stores for $ 880 million
09-13-2021, 10:13 AM
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Group 1 buys 30 Prime Automotive stores for $ 880 million
09-13-2021, 10:20 AM
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"The class action traces the origin of the alleged scheme to GPB’s 2013 acquisition of a pair of upstate New York car dealerships purportedly controlled by the firm’s CEO, David Gentile, and a Russian businessman said to be barred from traveling to the U.S. because of his ties to organized crime. The scheme allegedly snowballed from there, with GPB raising funds through two captive broker-dealers and promising investors 8% annual returns.
“In actual fact, the GPB Funds were paying these ‘returns’ out of the investment capital of other investors, or even out of the investment capital of the investor himself or herself,” Barasch said in the complaint. “There were no investment proceeds, and no actual returns, only a set of fake numbers on a piece of paper.”"
“In actual fact, the GPB Funds were paying these ‘returns’ out of the investment capital of other investors, or even out of the investment capital of the investor himself or herself,” Barasch said in the complaint. “There were no investment proceeds, and no actual returns, only a set of fake numbers on a piece of paper.”"
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