Massachusetts-based Prime Automotive Group, owned by GPB Capital Holdings, reached a $30 million settlement with David Rosenberg, the company’s one-time CEO.
Rosenberg lives in Marblehead but oversaw dealerships throughout New England, including two on Cape Cod. He was fired after blowing the whistle on GPB’s financial mismanagement, and in the process, uncovering what could be a $1.8 billion Ponzi scheme.
Rosenberg and his father, Ira, have deep roots and a storied history in the automotive industry in New England. Ira Rosenberg purchased his first dealership in 1975, formed Ira Motor Group, sold it and then began Prime Motor Group with his son, David. The father-son duo grew the company to 20 dealerships in New England.