Former Triad and Current Arkadios Broker Michael Sievert Under Scrutiny
Michael Joseph Sievert, CRD#: 2127441, has two pending customer disputes, according to BrokerCheck by Financial Industry Regulatory Authority (“FINRA”). Levin Law, P.A. represents the plaintiffs in both of those cases. An initial customer dispute launched on July 16, 2019, alleges that a recommendation to invest in GPB Capital funds (“GPB”) was unsuitable. Damages in the amount of $200,000 have been requested. The customer dispute is currently pending. A second customer dispute was initiated on November 26, 2019, and requests damages in the amount of $500,000.
Sievert has 28 years of experience and is currently employed with Arkadios Capital. Prior to his employment with Arkadios, Sievert was employed as a broker for Triad Advisors, LLC. It was during his employment with Triad that he allegedly recommended GPB Holdings to investors despite their high degree of risk. Numerous brokers have been entangled in FINRA arbitration because of unsuitable investment recommendations related to GPB Capital products.
Multiple GPB funds are under scrutiny, including GPB Automotive and GPB Holdings II. Several regulatory agencies, including the U.S. Securities and Exchange Commission (SEC), FINRA, and the Massachusetts Securities Division are investigating allegations of fraud. Brokerage firms who recommended and sold GPB to their customers are being sued in FINRA arbitrations, alleging that the brokerage firms failed to conduct adequate due diligence prior to recommending and selling GPB and made material misstatements or omissions regarding the potential returns and safety of the GPB funds.
According to a lawsuit filed in the United States District Court of Texas, many brokers received “exorbitant, unprecedented fees” on these recommendations and “knew or were reckless in not knowing that GPB would never succeed in generating any profits for limited partners through the ownership of operating businesses.”
If you invested in a GPB Capital Fund, you might be able to recover your losses through a FINRA arbitration. Levin Law represents dozens of investors in claims against brokerage firms seeking to recover money lost in GPB Capital, including multiple investors who lost money in GPB Capital based whose broker was Mr. Sievert. Mr. Levin has recovered millions on behalf of his clients. Contact Levin Law today for a free, no-obligation consultation. Most cases are handled on a contingency-fee basis.
