Investors Sue Arkadios For GPB Holdings Fraud
Michael Joseph Sievert (also known as Mike Sievert) of Jacksonville Florida a stockbroker currently employed by Arkadios Capital has been identified in a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages founded on accusations that the customer had been placed into bad direct investments including GPB Automotive and GPB Holdings which caused the customer to incur unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03116 (Oct. 16, 2019).
This is not the first time that Sievert has been accused of bad business practices by an investor. FINRA Public Disclosure additionally indicates that on July 16, 2019, a customer filed an investment related arbitration claim pertaining to Sievert’s conduct in which the customer requested $200,000.00 in damages supported by allegations of unsuitable GPB Holdings investments during the period in which Sievert was employed by Triad Advisors LLC. FINRA Arbitration No. 19-01923. The claim alleges that distributions were no longer made from the issuer following the customer’s purchase of the direct investments.
Sievert’s registration with Triad Advisors was terminated on March 8, 2018. Since February 28, 2018, the stockbroker has been registered with Arkadios Capital.