July 2021- NYC
According to his FINRA record Michael Androulakis, a financial advisor employed by Alexander Capital discloses 2 regulatory events and 4 customer disputes.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March 2018 Androulakis, consented to the sanctions and to the entry of findings that he failed to have a reasonable basis to recommend and effect 24 unsuitable leveraged exchange traded fund transactions in the accounts of three senior citizen customers. In total the customers invested over $177,000 resulting in losses of approximately $42,000. Sanctions were a three month suspension, a $5,000 fine paid personally by Androulakis and 10 hours of continuing education.
In November 2016, without admitting or denying the findings, Androulakis consented to the sanctions and to the entry of findings that he executed an unauthorized transaction in a customer account. The findings stated that Androulakis was notified of an email purportedly sent from a customer’s email account requesting a wire transfer of approximately $54,000. Unbeknownst to Androulakis, the email was sent by an imposter. In an effort to raise proceeds to fund the wire transfer, Androulakis sold shares of a stock in the customers account. The imposter claimed to be unreachable by phone because of a death in the family. Androulakis executed the transaction without seeking authority or receiving instructions from the customer. Sanctions were a 10 day suspension and a $5,000 fine paid individually by Androulakis.
In January 2021, a Legend Securities, Inc. customer filed FINRA case #21-00102 alleging breach of fiduciary duty, negligence, improper conduct, breach of contract, violation of applicable laws and industry rules. The case was settled for $8,000.
In November 2015, a Legend Securities, Inc. customer alleged performance issue where the client losses of over $50,000 on equity transaction. The case was settled for $50,000 with $25,000 personally paid by Androulakis.
In April 2015, a Legend Securities, Inc. customer filed FINRA case #15-00484 alleged that Androulakis misappropriated funds, churned his account , breached the fiduciary duty owed to him and was otherwise negligent in the operation of his account. The case settled for $50,000.
In November 2014, a Legend Securities, Inc. customer made a verbal complaint alleging a misunderstanding regarding a margin account with alleged damages of $20,000. The case settled for $20,000 with Androulakis paying $10,000 individually.
From September 2010 until July 2016, Androulakis was employed with Legend Securities, Inc. Before that time, he was with J.P. Turner & Company.
If you had an account with Michael Androulakis that suffered losses you may be entitled to collect damages from his prior employer.
Call for a no charge consultation with an experienced securities attorney.
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