Joseph Michaletz (CRD#: 1327534), a broker with Dai Securities LLC (CRD: 36673) in Mankato, Minnesota and a Registered Investment Adviser (RIA) with Dai Wealth, Inc. (CRD#: 138938) in Atlanta, Georgia, is currently involved in five pending investor disputes over GPB, according to his BrokerCheck record accessed on June 25, 2020. These investors allege that Joseph Michaletz recommended they invest in GPB, which was unsuitable.
In February 2019, the FBI raided the New York headquarters of GPB as part of its investigation into whether GPB is a Ponzi scheme. In June 2020, Secretary of State William Galvin, who also acts as the state’s securities commissioner, filed a 47-page “fraud complaint” in which he alleges that GPB, and the brokers who sold investments in GPB, misled investors by making false statements about GPB funds.. For more information, see our article “In Damning Complaint, Massachusetts Securities Commissioner Charges GPB with Fraud.”
Joseph Michaletz’s problems began on December 4, 2019, when clients alleged that their investments in GPB products were unsuitable. The clients invested $250,000 in GPB Holdings I when Joseph Michaletz was a registered representative with Triad, and $650,000 in other GPB investments while Joseph Michaletz was working with Concord Investment Services.
On January 17, 2020, another client alleged that Joseph Michaletz breached his contract, engaged in negligence, and breached his fiduciary duty by recommending GPB investments from 2016 through 2018. The client is seeking $550,000 in damages.
On January 28, 2020, clients alleged that Joseph Michaletz acted negligently and made unsuitable investment recommendations while at Triad and Concorde. These clients invested $75,000 in GPB Holdings I through Triad and later invested $75,000 in GPB Automotive through Concorde.
On May 8, 2020, a client alleged that Joseph Michaletz recommended unsuitable alternative investments from 2012 through 2015. One week later, on May 14, 2020, a client alleged that Joseph Michaletz breached his fiduciary duty, acted negligently, and breached his contract regarding investments made in July and October 2017.
Over his 35-year career in the securities industry, Joseph Michaletz has worked for many firms. In addition to his current role as a broker with Dai Securities LLC (CRD: 36673) in Mankato, Minnesota and a Registered Investment Adviser (RIA) with Dai Wealth, Inc. (CRD#: 138938) in Atlanta, Georgia, he has also worked for the following firms:
- Concorde Investment Services LLC (CRD#: 151604)
- Triad Advisors, Inc. (CRD#: 25803)
- Transamerica Financial Advisors, Inc. (CRD#: 3600)
- Transamerica Securities Sales Corporation (CRD#: 17970)
- Mutual Benefit Financial Service Company (CRD#: 4882)
If Joseph Gerard was your broker and you have questions about your investments, particularly if you invested in GPB, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. The partners at Fitapelli Kurta represent dozens of GPB investors and are eager to hear from those who invested in GPB. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.