Joseph Michaletz: Customer Complaints Over GPB Sales

Financial Industry Regulatory Authority (FINRA) records accessed on October 18, 2021 show that Minnesota-based DAI Securities broker/adviser Joseph Michaletz (CRD# 1327534) has received numerous customer complaints. The complaints relate to the recommendation of speculative private placements, including GPB Capital. If you are a current or former customer of Mr. Michaletz who has lost money investing with him, call MDF Law at 212-203-9300 to discuss the recovery of your losses.

Joseph Michaletz Was Previously Registered with Concorde Investment Services

Joseph Michaletz has spent 36 years in the securities industry. He is associated with a branch office called Discipline Advisors, Inc. He has been registered as a broker with DAI Securities in Mankato, Minnesota since 2018. His prior registrations include Concorde Investment Services in Mankato, Minnesota (2015-2018); Triad Advisors in Mankato, Minnesota (2006-2016); Transamerica Financial Advisors in Mankato, Minnesota (2002-2006); Transamerica Financial Advisors in Los Angeles, California (1990-2006); Transamerica Securities Sales Corporation in Los Angeles, California (1987-1995); and Transamerica Financial Resources (1984-1989). He has passed five securities industry examinations and holds securities licenses in 31 states.

Customer Complaint Over GPB Capital Reported to Regulators

In 2019 a customer alleged that while employed at Concorde Investment Services, he failed in his supervisory duties, breached contract, and acted negligently in connection to GPB Capital investments. The complaint settled in 2021 for $108,964.53. If you are a victim of broker fraud, you may be able to recover your losses—if you act quickly. MDF Law is an investor advocacy law firm whose attorneys have a demonstrated track record recovering millions of dollars for their clients. Call us at 212-203-9300 for a free consultation today.

Multiple Other Customer Complaints Reported by FINRA

According to his BrokerCheck report, he has received nine settled customer complaints and three pending customer complaints. While some of these complaints do not specifically mention GPB Capital, it is probably that the “private placements” in the following disclosures were also GPB Capital.

In June 2021 a customer alleged Joseph Michaletz, while employed at Triad Advisors, recommended an unsuitable investment. The customer is seeking $70,000 in damages in the pending complaint.

In March 2021 a customer alleged Joseph Michaletz, while employed at DAI Securities, was negligent in conducting due diligence of a private placement. The customer is seeking $200,000 in damages in the pending complaint.

In March 2021 a customer alleged Joseph Michaletz, while employed at Concorde Investment Services and Triad Advisors, acted negligently, violated Minnesota and Michigan securities laws, breached contract, was negligent in his supervisory duties, and breached his fiduciary duty. The customer is seeking $2.55 million in damages in the pending complaint.

In 2020 a customer alleged that while employed at Concorde Investment Services and DAI Securities, he breached his fiduciary duty, acted negligently, and breached contract. The complaint settled in September 2021 for $275,000.

In 2020 a customer alleged that while employed at Triad Advisors, Concorde Investment Services, and DAI Securities, he engaged in negligence, committed breach of contract, failed in his supervisory duties, and breached his fiduciary duty in connection to private placement products. The complaint settled in June 2021 for $12,261.52.

In 2020 a customer alleged that while employed at Concorde Investment Services, he breached his fiduciary duty, breached contract, and acted negligently. The complaint settled in May 2021 for $24,139.81.

In 2020 a customer alleged that while employed at Triad Advisors, he recommended unsuitable alternative investments. The complaint settled for $55,000.

In 2020 a customer alleged that while employed at Concorde Investment Services, he breached contract, violated his fiduciary duty to uphold the customer’s best interests, and acted negligently in connection to investments in GPB Capital. The complaint settled in 2021 for $122,314.05.

Contact Us If You Lost Money Investing with GPB

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