Investors Bring FINRA Arbitration Claims Against DAI Securities For Breach Of Fiduciary Duty

Joseph Gerard Michaletz (also known as Joe Michaeletz) a stockbroker currently employed by DAI Securities LLC and an investment adviser representative of DAI Wealth Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $1,000,000.00 in damages founded upon accusations that the customer had been placed into bad alternative investments which caused the customer to experience losses from August of 2017 to May of 2018. The claim alleges breach of fiduciary duty and breach of contract by the stockbroker in regard to his activities at DAI Securities and Concorde Investment Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02100 (July 2, 2020).

FINRA Public Disclosure confirms that Michaletz has been identified in nine additional customer initiated investment related disputes regarding allegations of his bad sales tactics while employed by DAI, Concorde and Triad Advisors. On December 4, 2019, a customer filed an investment related arbitration claim in regard to Michaletz’s conduct in which the customer sought unspecified damages supported by accusations that the customer had been placed into unsuitable investments including GPB Holdings during the time that Michaletz was associated with Triad and Concorde. FINRA Arbitration No. 19-03403 (Dec. 4, 2019).

Michaletz is also referenced in a customer initiated investment related arbitration claim where the customer requested $550,000.00 in damages based upon allegations of the violation of an investment agreement and accusations of negligence on the part of the stockbroker at DAI and Concorde between 2016 and 2018 as it pertained to direct investments including GPB. FINRA Arbitration No. 20-00059 (Jan. 17, 2020). The claim also alleges a breach of fiduciary by Michaletz. On May 8, 2020, another customer filed an investment related arbitration claim concerning Michaletz in which the customer sought compensatory damages founded upon allegations of bad alternative investments that caused the Triad customer to incur losses. FINRA Arbitration No. 20-01415.

On May 29, 2020, a customer filed an investment related arbitration claim involving Michaletz’s conduct where the customer requested compensatory damages supported by accusations of breach of contract as well as breach of fiduciary duty regarding DPP or LP interests sold by Michaletz when he was associated with Concorde. FINRA Arbitration No. 20-01519 (May 29, 2020). The claim alleges that the customer’s losses between July and October of 2017 were the result of negligence. Michaletz is also the subject of customer initiated investment related arbitration claim on June 23, 2020 in which the customer sought $100,000.00 in damages based upon allegations of supervisory failures and the stockbroker’s fiduciary violations in regard to a 2017 investment in GPB Auto. FINRA Arbitration No. 20-01851.

On June 23, 2020, another customer filed an investment related arbitration claim pertaining to Michaletz’s conduct where the customer requested $100,000.00 in damages founded upon accusations of inappropriate and negligent alternative investment transactions made in the account of the Concorde customer. FINRA Arbitration No. 20-01852.

The stockbroker is also referenced in a customer initiated investment related arbitration claim in which the customer sought more than $5,000.00 in damages supported by allegations of negligence and breach of contract relating to private placements sold to the customer between April of 2015 and 2018. FINRA Arbitration No. 20-02255 (July 17, 2020). According to the claim, a fiduciary duty that was owed to the customer had been breached by Michaletz while he was associated with DAI Securities as well as Concorde and Triad. The claim also alleges that the customer’s investments in direct participation programs or limited partnership interests had not been adequately supervised.

Michaletz’s registration with Concorde has been terminated as of April 17, 2018. Since April 3, 2018, he has been employed by DAI Securities.