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Did B. Riley’s Darren Daye Sell Unsuitable GWG, GPB Investments?
Las Vegas financial advisor Darren Daye (CRD# 3032746) allegedly recommended unsuitable investments in GWG Holdings and GPB Waste Management, according to a recent investor complaint. Records maintained by the Financial Industry Regulatory Authority indicate that he is a broker and an investment advisor with B. Riley Wealth Management and B. Riley Wealth Advisors, respectively.
Mr. Daye’s BrokerCheck report discloses one recent investor complaint. Filed in August 2022, it alleged that as a representative of B. Riley Wealth Management, he unsuitably recommended investments in GWG Holdings L bonds and GPB Waste Management. In January 2023 the complaint reached a settlement of $52,000.
In 2021 the Securities and Exchange Commission filed a civil action against against GPB Capital and associated persons and entities, alleging that the asset manager and investment advisor operated a “Ponzi-like scheme” that defrauded investors. The regulator’s complaint described GPB Capital as an “alternative asset management firm that acts as a general partner and fund manager for limited partnership funds.” One of those limited partnership funds was GPB Waste Management, an LP “formed primarily to acquire and operate waste management companies,” raising approximately $173 million in an unregistered offering. GPB Capital and its founder were also the subject of federal charges by the US Attorney’s Office for the Eastern District of New York in 2021, which alleged that “the defendants misrepresented the holdings of GPB Capital through deceptive marketing practices, luring investors with promises of monthly distributions that would be covered by funds from the investments and not drawn from underlying invested capital.” More information about the allegations concerning GPB Capital is available here.
According to the Financial Industry Regulatory Authority, Darren Daye holds 21 years of securities industry experience. Based in Las Vegas, Nevada, he has been a broker with B. Riley Wealth Management since 2022 and an investment advisor with B. Riley Wealth Advisors since 2015. His past registrations include National Securities Corporation, Select Planning Group, Securian Financial Services, Princor Financial Services Corporation, AXA Advisors, and Merrill Lynch. His credentials include the passage of six securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He holds 22 state licenses. (Information current as of February 1, 2023.)
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