Dave Karandos (CRD #: 1934119), an investment adviser registered with Midwest Wealth Planning Institute, has multiple pending investor disputes, according to his BrokerCheck record, accessed on December 22, 2020. Karandos has a total of six investor disputes on his record, along with disclosures related to regulatory and financial actions.
On November 19, 2020, a client alleged that Karandos executed unsuitable investment recommendations and improperly withdrew funds. The client is seeking $436,000; the dispute is pending.
On November 10, 2020, a client alleged that Dave Karandos made unsuitable recommendations from October 2014 to May 2017. The dispute is pending.
On May 14, 2020, clients alleged that Karandos recommended unsuitable investment recommendations, including two risky private placements. The clients are seeking $500,000; the dispute is pending.
Dave Karandos has been the subject of two tax liens that total $490,903.70.
On October 4, 2013, the State of Michigan denied Karandos’ U4 application because he allegedly omitted information related to his allegedly dishonest and unethical practices in the securities industry.
On September 6, 2012, Dave Karandos discharged a bankruptcy.
On December 7, 2011, a client alleged that Dave Karandos recommended unsuitable, volatile, high-risk, and illiquid investments. The dispute settled for $313,564.64.
On May 12, 2011, clients alleged that between 2004 and 2008 Karandos over-concentrated alternative investments in their portfolio. The dispute settled for $493,000.
On October 26, 2010, the Indiana Securities Division imposed sanctions following allegations that Dave Karandos misrepresented risky alternative products (e.g., hedge funds and private equity funds). They further alleged that Karandos imposed excessive and unreasonable advisory fees. The sanctions included a 75-day suspension and a $50,000 fine.
On August 19, 2003, a client alleged that Dave Karandos made unsuitable recommendations and executed unauthorized transactions. The client sought $32,554; the dispute settled for $27,500.
Dave Karandos has passed the Series 65 Uniform Investment Adviser Law Examination, the Series 63 Uniform Securities Agent State Law Examination, Securities Industry Essentials Examination, Series 31 Futures Managed Funds Examination, the Series 7 General Securities Representative Examination, and the Series 6 Investment Company Products/ Variable Contracts Representative Examination. He is a registered investment adviser in Indiana.
Dave Karandos has 30 years of experience in the securities industry. During that time, he has worked at the following 10 firms:
- Midwest Wealth Planning Institute (CRD #: 307974)
- Dinosaur Financial Group (CRD #: 104446)
- DLG Wealth Management (CRD #: 152266)
- Private Client Advisors (CRD #: 158777)
- Morgan Stanley Smith Barney (CRD #: 149777)
- Morgan Stanley & Co. (CRD #: 8209)
- UBS Financial Services (CRD #: 8174)
- Merrill Lynch Pierce Fenner & Smith (CRD #: 7691)
- MIMLIC Sales Corporation (CRD #: 15296)
If Dave Karandos was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for a free case consultation with a securities attorney.