Corporate Partner Steven D. Irwin was recently quoted in a Pittsburgh Post-Gazette article titled, “Despite warning signs, Pennsylvania failed to take action in massive fraud case” by Sean D. Hamill. The article examines allegations that the Pennsylvania Department of Banking and Securities did not pursue enforcement action after being alerted of red flags involving GPB Capital Holdings, a scheme federal prosecutors say cost investors more than $1.6 billion.
Irwin, who served as a Pennsylvania securities commissioner for eight years ending in 2014, stated, “Pennsylvania was one of the big five states doing [multi-state] fraud investigations when I was there.” The article notes that after the merging of the state’s banking division in 2012, experts say the agency began taking on less large-scale cases.