A New York-based investment advising firm that authorities say bilked some 17,000 investors, including 700 in New Jersey, to the tune of $1.8 billion over the course of five years is facing multiple state civil complaints, while its alleged ringleaders were arrested by federal authorities on Thursday.

In a Ponzi scheme seemingly out of the TV show “American Greed,” the New Jersey Bureau of Securities, regulators from six other states, and the U.S. Securities and Exchange Commission filed separate but simultaneous complaints on Thursday against GPB Capital Holdings LLC and other defendants, for allegedly operating the scheme to defraud investors who purchased limited partnership interests in various GPB-controlled private equity funds.

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