A recent investor complaint disclosed on Jamestown, North Dakota financial advisor Paul Witthauer’s (CRD# 1672263) BrokerCheck report concerns allegations regarding...Read More
Jacksonville Advisor Mike Sievert: GPB Capital Complaints
Investor complaints listed on Arkadios Capital advisor Mike Sievert’s BrokerCheck report (CRD# 2127441) detail allegations related to investments in GPB Capital. Financial Industry Regulatory Authority records show that Mr. Sievert is based in Jacksonville, Florida.
The most recent pending investor complaint disclosed on Mr. Sievert’s BrokerCheck report was filed in April 2022. It alleges misrepresentation and omission of material facts, failure to conduct adequate due diligence, and unsuitable recommendations of investments in GPB Capital, alleging damages of $200,000. In a comment on the disclosure, Mr. Sievert wrote that he is “not a respondent in this claim.”
A second complaint disclosed on Mr. Sievert’s BrokerCheck report was filed in February 2022. It alleges negligence, breach of fiduciary duty, violation of the Florida Securities and Investor Protection Act, and breach of contract connected to an investment in GPB Capital. The pending complaint also alleges damages of $200,000. In a comment on the disclosure, Mr. Sievert wrote again that he is “not a respondent in this claim” and that the claimant “is still a client.”
Mr. Sievert’s BrokerCheck report discloses a 2020 investor complaint alleging he recommended unsuitable investments in GPB Capital, eventually reaching a settlement of $250,000. A complaint filed in 2019 alleged that an investment in GPB Holdings was unsuitable, reaching a settlement in 2021 of $78,000. In a statement on this latter complaint, Mr. Sievert wrote: “Claimant is a well-educated, accredited investor that understood the risks and approved the investments. Even though the claim was settled just before arbitration, it was vigorously defended.”
According to the Financial Industry Regulatory Authority, Mike Sievert holds 31 years of securities industry experience. Based in Jacksonville, Florida, he has been a broker and advisor at Arkadios Capital since 2018. His past registrations include Triad Advisors (Jacksonville, Florida; 2012-2018), Lincoln Financial Advisors Corporation (Jacksonville, Florida; 1992-2012), and MML Investors Services (Springfield, Massachusetts; 1991-1992). His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Corporate Securities Limited Representative Examination, or Series 62; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California, Florida, Georgia, Massachusetts, New Jersey, New York, North Carolina, Ohio, South Carolina, Texas, and Virginia. (Information current as of June 6, 2022.)
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