Michael Androulakis Discloses Alexander Capital Client Dispute, FINRA Sanctions

Sales Practice Violations Alleged In Alexander Capital Client's Dispute About Broker Michael Androulakis

Evidently, FINRA contains important disclosures on broker Michael Scott Androulakis (CRD#: 2793638, New York). Evidently, Androulakis has worked as a securities broker for Alexander Capital LP since 2016. Also, he previously worked as a securities broker for Legend Securities. Let’s take a closer look at the allegations of breach of fiduciary duty and negligence as reported on BrokerCheck. But keep in mind mind that the broker denies alleged sales practice violations.

Alexander Capital Client Alleges Breach Of Contract, Breach Of Fiduciary Duty Relating To Michael Androulakis’s Non-Traded REIT Recommendation

It seems that an Alexander Capital client disputed Michael Androulakis’s activities as a securities broker. Evidently, the client filed an investment dispute on January 25, 2021. Mainly, the securities broker is accused of breach of fiduciary duty, negligence, breach of contract, and violation of laws and industry rules (2015 to present). It appears that the securities firm or Androulakis caused the client damages on a non-traded REIT. Notably, the client agreed to settle their allegations with Alexander Capital, as the firm agreed to pay the client $8,000 in damages on April 13, 2021.

FINRA Issues Suspension, Fine To Michael Androulakis For Purported Unsuitable Advice On Non-Traditional ETF Trades At Legend Securities

Also, the regulator sanctioned Michael Androulakis on March 20, 2018. Androulakis received a suspension of 3 months (April 16, 2018, to July 15, 2018) and a fine of $5,000 to resolve allegations of his unsuitable recommendations concerning leveraged exchange-traded funds. FINRA contends that the securities broker violated FINRA rules on suitability.

FINRA Issues Suspension To Androulakis To Resolve Allegations Of Unauthorized Trading At Legend Securities

Moreover, the regulator sanctioned Michael Androulakis on November 10, 2016, imposing a fine of $5,000 and a suspension of 10 days. Supposedly, Androulakis engaged in unauthorized trading, violating FINRA Rule 2010. Androulakis satisfied both of the regulatory sanctions.

Legend Securities Client Alleges Damages On Stocks, Equities By Michael Androulakis

Evidently, a Legend Securities client decided to lodge a dispute about Michael Androulakis on November 17, 2015. Supposedly, the client sustained damages because of poor performance on over-the-counter equities and stocks. Evidently, Legend Securities agreed to settle with the client, without admitting liability, by paying $50,000 in damages to the client per a settlement dated November 17, 2015.

Client Of Legend Securities Alleges Breach Of Fiduciary Duty Relating To Stock Trades

Notably, a client of Legend Securities complained about Michael Androulakis’s sales practices, according to an investment dispute on BrokerCheck on April 24, 2015. It appears that Androulakis or his employer caused damages to the client through their investments in over-the-counter equities and stocks. Alleged improper sales practices include misuse of funds, churning, breach of fiduciary duty, and negligence in the operation of the client’s investment account. Consequently, to resolve the client’s allegations of inappropriate sales practices, Legend Securities made a payment to them in the amount of $50,000 on August 12, 2016.

Losses By Investing Through Michael Androulakis?

Securities broker Michael Androulakis denies allegations of unreasonable sales practices. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 to discuss your situation with experienced counsel. Soreide Law Group represents investor clients on a contingency fee basis and advances all costs. The law firm has recovered compensation for many US clients who have experienced damages from securities brokers and financial advisors.