The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker David Karandos AKA David Karandos [CRD#: 1934119, Indianapolis, IN]. Evidently, investors disputed the sales practices of the securities broker, who worked for Dinosaur Financial Group. Additionally, the securities broker discloses a regulatory enforcement action. However, Karandos denies the allegations of sales practice violations. Read on to learn more about the allegations against Karandos.
Evidently, a Dinosaur Financial Group client filed FINRA Arbitration #: 21-02081 about David Karandos. Notably, the client alleged that Karandos breached a fiduciary duty, acted unethically, breached a contract, was negligent, made misrepresentations and omissions, and failed to supervise. Because of this, the client sustained damages on real estate securities and DPPs. Therefore, on October 4, 2022, a FINRA Arbitration Panel issued an Award ordering Dinosaur Financial Group or Karandos to pay the client $314,564.84 in compensatory damages.
Also, on July 20, 2021, a DLG Wealth Management client filed Civil Suit#: 49D13-2107-PL-024276 about David Karandos. Namely, the client alleged that Karandos made unsuitable recommendations. Because of this, the client sustained damages on alternative investments. Therefore, the client requested compensation from DLG Wealth Management or Karandos. Evidently, this civil suit is pending a resolution.
Evidently, a client of Dinosaur Financial Group contested David Karandos’ sales practices, according to a complaint dated November 19, 2020. Allegedly, Karandos made unsuitable transactions. Supposedly, the DPPs and LPs which Karandos sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from Dinosaur Financial Group or Karandos in the amount of $436,000 in this ongoing matter.
Also, on March 12, 2020, a Dinosaur Financial Group client filed FINRA Arbitration #: 20-00839 about David Karandos. Notably, the client alleged that Karandos made unsuitable transactions, and converted the client’s funds. Because of this, the client sustained damages on DPPs and LPs and viatical settlements. Therefore, the client requested $500,000 in compensation from Dinosaur Financial Group or Karandos. Evidently, this arbitration is pending a resolution.
Supposedly, on November 13, 2019, Dinosaur Financial Group filed a Uniform Termination Notice for Securities Regulation (Form U5) with FINRA terminating Karandos’ association with the firm. Dinosaur Financial then amended its Form U5 to include the allegations that Karandos improperly withdrew client funds and made unsuitable recommendations while he was associated with Dinosaur Financial. FINRA then sent Karandos a request to appear for on-the-record testimony on June 13, 2022. On June 24, 2022, Karandos acknowledged that he received the request but would not appear for on-the-record testimony at any time. Karandos violated FINRA Rules 2010 and 8210.
Also, a client of UBS Financial Services and Morgan Stanley contested David Karandos’ sales practices, according to a complaint. Allegedly, Karandos breached a fiduciary duty, and made unsuitable recommendations. Supposedly, the alternative investments which Karandos sold or recommended had caused the client to sustain damages. Therefore, UBS Financial Services and Morgan Stanley opted to settle the matter on December 7, 2011 by compensating the client in the amount of $313,564.64.
Have you sustained damages because of securities broker David Karandos? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors in all 50 states, represents clients on a contingency fee basis and advances all costs. Karandos and brokerage firms Karandos was employed by deny any and all allegations of sales practice violations.
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