One of the largest auto dealers in Massachusetts has sued his co-owner and financial backer, claiming the firm engaged in “serious financial misconduct” and tried to push him out after he complained to the US Securities and Exchange Commission.
In a complaint filed in Norfolk Superior Court last Friday, David Rosenberg, chief executive of Prime Automotive Group, accused the New York investment firm GPB Capital Holdings of running a Ponzi-like scheme, in which it used money from investors to prop up the performance of auto dealerships it owns, as well as to finance payments to other investors.
Massachusetts Auto Dealer Caught in Messy Fight with NY Investor Massachusetts Auto Dealer Caught in Messy Fight with NY Investor View Article