fbpixel
888-840-1571

National Investment Fraud Lawyers

¿Perdió en bonos y fondos de Puerto Rico?

Former Concorde Investment Services, LLC and Triad Advisors LLC Broker Joseph Michaletz GPB Capital Holdings Investment Loss Options

Posted on Tuesday, July 28th, 2020 at 8:10 pm    

GPB Capital Holdings

Erez Law is currently investigating former Concorde Investment Services, LLC and Triad Advisors LLC broker Joseph Michaletz (CRD# 1327534) is alleged to recommend unsuitable GPB Capital Holdings investments. Michaletz has been registered with Dai Securities, LLC in Mankato, Minnesota since 2018 and with Dai Securities, LLC in Atlanta, Georgia since 2006. Previously, Michaletz was registered with Concorde Investment Services, LLC in Mankato, Minnesota from 2015 to 2018 and with Triad Advisors, Inc. in Mankato, Minnesota from 2006 to 2015. 

GPB Capital Holdings is a New York-based investment firm that offers exempt, private-placement securities. These investments inherently have a high degree of risk due to their nature as unregistered securities offerings (and without regulatory oversight). It is alleged that brokerage firms that sold GPB Capital Holdings and their brokers who recommended GPB Capital Holdings to their clients may not have conducted appropriate due diligence on the funds.

Michaletz has been the subject of seven customer complaints between 2019 and 2020, according to his CRD report:

June 2020. “Claim alleges breach of fiduciary duty, negligence, breach of contract and failure to supervise related to a $100,000 investment in GPB Auto in April 2017.” The customer is seeking $73,000 in damages and the case is currently pending. The complaint took place while Michaletz was registered with Concorde Investment Services, LLC.

June 2020. “Claim alleges breach of fiduciary duty, negligence and breach of contract related to a $100,000 investment made in August of 2016.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint took place while Michaletz was registered with Concorde Investment Services, LLC.

May 2020. “Claim alleges breach of fiduciary duty, negligence and breach of contract relating to investments made in July and October of 2017.” The case is currently pending. The complaint took place while Michaletz was registered with Concorde Investment Services, LLC.

May 2020. “Claimant alleges he purchased unsuitable alternative investments between 2012 and 2015.” The case is currently pending. The complaint took place while Michaletz was registered with Triad Advisors LLC. 

January 2020. “Claimants allege negligence and unsuitability in investment recommendations made through Triad and 2014 and thereafter at respondent Concorde in 2018.” The case is currently pending. The complaint took place while Michaletz was registered with Concorde Investment Services, LLC and Triad Advisors LLC. 

January 2020. “Claim alleges breach of fiduciary duty, negligence, and breach of contract, in connection with various GPB Investments made in 2016-2018.” The customer is seeking $550,000 in damages and the case is currently pending. The complaint took place while Michaletz was registered with Concorde Investment Services, LLC.

December 2019. “Claimants allege that investments in GPB products were unsuitable. In 2015, Claimants invested $250,000 in GPB Holdings I during Representative’s association with respondent Triad. Per the Statement of Claim, Claimants invested $650,000 in other GPB products during Representative’s association with co-respondent, Concorde Investment Services LLC.” The case is currently pending. The complaint took place while Michaletz was registered with Concorde Investment Services, LLC and Triad Advisors LLC. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Concorde Investment Services, LLC and Triad Advisors LLC may be liable for investment or other losses suffered by Michaletz’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.