Robert S. Smith (CRD#: 1412333), a registered representative with Concorde Investment Services, LLC of Lake Oswego, Oregon, does business as Peregrine Private Capital Corporation and specializes in alternative investments. He is currently involved in a $1.1 million dispute regarding private placements, according to his BrokerCheck report accessed on September 3, 2019. According to his broker comment, “Client found the GPB auto portfolio particularly compelling due to his spouse’s long work history with the auto dealerships and her intimate knowledge of them.”
This dispute is far from the first time that the brokers that recommended GPB have found themselves embroiled in controversy. In September 2018, William Galvin, head of the Massachusetts Securities Division and Secretary of the Commonwealth of Massachusetts, began investigating 63 broker-dealers that recommended investments in GPB. For more information about recent developments regarding GPB, please see “Attorney Investigation: GPB Holdings Accused of Being a Ponzi Scheme by Former Operating Partner.” Fitapelli Kurta is currently representing many investors who invested in GPB. The firm is eager to hear from other investors who have questions about GPB.
Private placements are not suitable for all investors. Only “accredited investors”—financially literate individuals with an annual income of $200,000 or more or a net worth of $1 million or more—are allowed to invest in private placements, also known as alternative investments. But that doesn’t mean that everyone who can qualify as an accredited investor should pursue private placements. Private placements can yield high returns, but they also come with significant risk.
Robert S. Smith’s disclosure regarding GPB is not the only disclosure on his BrokerCheck record. On April 15, 2013, a client alleged “misrepresentation, unsuitable investment, breach of fiduciary duty in relation to investment made in 2008” and sought $85,000 in damages. On March 3, 2014, Pacific West Securities settled the matter for $27,000.
In addition to his work with Concorde Investment Services, Inc., over his 32-year career in the securities industry, Robert S. Smith has worked for seven firms:
- Pacific West Securities, Inc. (CRD#: 6390) of Beaverton, Oregon
- Brookstreet Securities Corporation (CRD#: 14667) of Beaverton, Oregon
- Toluca Pacific Securities Corp. (CRD#: 13875) of Burbank, California
- Allmerica Investments, Inc. (CRD#: 3960) of Worcester, Massachusetts
- G. Edwards & Sons, Inc. (CRD#: 4) of St. Louis, Missouri
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691) of New York, New York
If you’ve invested in alternative investments on the recommendation of Robert S. Smith or if you have questions about GPB, don’t hesitate to contact an experienced securities attorney who may be able to help. Call (877) 238-4175 or email firstname.lastname@example.org for your free consultation with Marc Fitapelli and Jonathan Kurta of Fitapelli Kurta.