Have you been a victim of Gopi Vungarala or his firm, Purshe Kaplan Sterling, or know someone who has? Stoltmann Law Offices is interested in speaking to those investors who may have invested money with Gopi Vungarala and Purshe Kaplan. A recent Financial Industry Regulatory Authority (FINRA) complaint alleges that, from 2011 to 2015, Vungarala lied to his Native American tribe customer about the commissions that would be paid to himself and the firm in the sale of non-traded real estate investment trusts (REITs) and business development companies (BDCs). Vungarala served as the tribe’s financial advisor and its Treasury Investment Mangaer, giving access to the tribe’s decisions regarding investments. The complaint alleges that Vungarala ignored the conflict of interest, misled and lied to the tribe, urging them to invest $190 million in risky and illiquid REITs and BDCs, leading to $11.4 million in commissions to the firm of which $9.6 million was paid to Vungarala himself. He also allegedly let the tribe pay full commission when it did not have to.
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