Michael Sievert is Now an Arkadios Capital Broker
If you were an investor who suffered losses from GPB Capital Holdings investments that were sold to you by broker Michael Sievert, please contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today.
Sievert is currently an Arkadios Capital broker. Already, he is the subject of two customer disputes involving GPB private placements from his time when he was a Triad Advisors broker.
Michael Sievert is just one of a slew of brokers now finding themselves the focus of investor claims related to the alleged $1.8B Ponzi fraud. Our GPB investment fraud lawyers at SSEK Law Firm have already filed several complaints against a number of these registered representatives and their firms, including Arkadios, on behalf of investors seeking to get back their losses.
GPB’s Ponzi Fraud and Other Woes
GPB Capital Holdings is an alternative asset management firm that focuses on auto dealers and waste management. While its executives deny that any fraud has occurred, it remains the subject of ongoing civil probes by the Financial Industry Regulatory Authority (FINRA) and the US Securities and Exchange Commission (SEC). As well as a criminal probe by the Federal Bureau of Investigation (FBI).
Already, two class-action securities lawsuits by investors against GPB have been brought to court, while many other investors have filed their own claims against negligent broker-dealers.
Meanwhile, two of GPB Capital’s own former business partners have also sued the firm, accusing it of operating a Ponzi fraud. One of those ex-partners, David Rosenberg is the former CEO of GPB’s Prime Automotive Group who was fired by the company.
He says that the latter violated pre-existing dealerships franchise deals with automakers and that those franchises are at risk of losing their status as a franchise. Rosenburg also wants his job back and he is seeking damages.
And if all these troubles weren’t enough, GPB’s now-former Chief Compliance Officer, Michael Cohn, was charged in criminal court with obstruction for allegedly stealing information from the SEC and sharing it with GPB executives.
Brokerage Firms Made Money While Investors Lost
These issues, however, have not prevented over 60 brokerage firms and their brokers from making over $160M in commissions. Arkadios and Triad Advisors are just two of these broker-dealers.
In the customer disputes listed on Sievert’s BrokerCheck record, the claimants are claiming $500K and $200K in damages, respectively, from investing in GPB Holdings and the GPB Automotive funds. In one of the cases, it was a different ex-Triad Advisors representative who made the sales. Yet, Sievert and another GPB investment he was involved in as an Arkadios broker are named in the statement of claim.
Sievert has worked 28 years in the industry. He also was previously a registered broker with Lincoln Financial and MML Investors Services.
List Of GPB Private Placement Funds:
- GPB Cold Storage, LP
- GPB NYC Development, LP
- GPB Automotive Portfolio, LP
- GPB Holdings Qualified, LP
- GPB Waste Management, LP
- GPB Holdings, LP
- GPB Holdings II, LP
- GPB Holdings III, LP
The GPB Funds have seen between a 25% – 73% drop in value over recent months and yet, brokers are continuing to sell these private placements and investments inappropriately to investors across the United States.
GPB Private Placement Fraud Cases
As an investor, you may be able to recover damages from the broker-dealers that sold you these private placements. These broker-dealers either failed to recognize or ignored the warning signs surrounding these investments, did not properly supervise their brokers that marketed the GPB funds to you, or were complicit in the transactions due to the lure of huge commissions.
Contact SSEK Law Firm today if you purchased GPB private placements through Ex-Triad Advisors and current Arkadios broker, Mike Sievert or any other broker.