Investors Allege Mike Sievert Made Unsuitable Investment Recommendations
Mike Sievert (CRD #: 2127441), a broker registered with Arkadios Capital, is involved in several pending investor disputes, according to his BrokerCheck record, accessed on June 5, 2022. Read on if you have questions about Mike Sievert’s conduct as a broker.
Investor Disputes Related to GPB Capital
Mike Sievert has been named in several settled and pending investor disputes related to investments in GPB Capital.
Mike Sievert is the subject of the following pending disputes:
- On May 2, 2022, an investor alleged that Mike Sievert failed to conduct due diligence, made unsuitable recommendations regarding the sale of alternative investments, and misrepresented and omitted material facts. Mike Sievert’s comment on this dispute notes that this claim relates to a GPB Capital Investment. The client seeks $200,000 in damages.
- On February 1, 2022, an investor alleged that Mike Sievert violated the Florida Securities and Investor Protection Act, engaged in negligence, and breached his contract regarding the sale of a private investment fund. The investor seeks $200,000 in damages.
He has also faced the following settled disputes:
- On November 3, 2020, an investor alleged that Mike Sievert recommended unsuitable products in 2018. The investor sought $600,000 in damages and received a settlement of $250,000.
- On November 26, 2019, an investor sought to recover $500,000 in another GPB dispute. The dispute settled for $50,000.
- On July 16, 2019, multiple investors filed a dispute alleging that Mike Sievert gave them an unsuitable recommendation to invest in GPB Holdings in 2014. Clients sought $200,000 in damages and received a $78,000 settlement.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. An investor’s profile includes information about their risk tolerance, financial goals, and age, which brokers use to tailor their recommendations.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
FINRA Rule 2020
Misrepresentation and omission of information violate FINRA Rule 2020, which bans the use of manipulative, deceptive, and otherwise unethical means of influencing investors.
What is broker negligence?
Broker negligence can include unsuitable investment recommendations, failure to disclose material facts, and unauthorized trading are all common forms of broker negligence. Investors who lose funds through the negligence of their broker can pursue FINRA arbitration to recover their losses.
Mike Sievert has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 62 – Corporate Securities Limited Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Mike Sievert is a registered broker in 11 states and a registered investment adviser in Florida and Texas.
He has also worked for the following firms:
- Triad Advisors (CRD#:25803)
- Lincoln Financial Advisors (CRD#:3978)
- The Lincoln National Life Insurance Company (CRD#:2580)
- MML Investors Services (CRD#:10409)
Kurta Law Can Help
If you worked with Mike Sievert and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.