Michael Sandberg (CRD #: 1949867), a broker and investment adviser registered with Ameriprise Financial Services, is involved in an investor dispute over $100,000, according to his BrokerCheck record, accessed on January 25, 2021. The investor alleges that Sandberg breached his fiduciary duty with more than one FINRA sales conduct violation.

On December 7, 2020, an investor alleged that Sandberg engaged in gross negligence and breached a contract in connection with allegedly unsuitable investments in ETFs and annuities. The investor is seeking $100,000; the dispute is pending.

Settled Investor Disputes

On December 24, 2009, investors alleged that Michael Sandberg recommended unsuitable investments. The investors sought $800,000; the dispute settled for $50,000.

On September 25, 2009, an investor alleged that Sandberg breached his fiduciary duty, made misrepresentations, and was negligent. They further alleged that he executed unauthorized trades. The investor sought $2,000,000; the dispute settled for $77,500.

On September 16, 2009, a client alleged that Michael Sandberg breached his fiduciary duty, made misrepresentations and executed unauthorized trades. The investor sought $2,600,000; the dispute settled for $80,000.

On May 12, 2003, an investor alleged that Michael Sandberg made unsuitable investment recommendations and made material misrepresentations. The investor sought $670,000; the dispute settled for $25,000.

On November 27, 2002, an investor alleged that Sandberg’s unsuitable investment recommendations resulted in losses. The investor is seeking $100,000; the dispute is pending.

Regulatory Action

On October 24, 2005, Michael Sandberg entered into a Stipulation Consent agreement with the State of Florida, in which he consented to a fine of $10,000. The fine followed allegations that Sandberg sold mutual funds that resulted in his investors paying significant sales charges.

Older Investor Disputes

Sandberg has two older settlements over misrepresentation allegations that collectively settled for $36,000, and another suitability suit that settled for $105,0000.

Michael Sandberg has passed the Series 66 Uniform Combined State Law Examination, Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in 19 states and a registered investment adviser in Florida and Texas.

Michael Sandberg has worked in the securities industry for 31 years. During that time, he has worked at 9 firms:

  • Ameriprise Financial Services (CRD #: 6363)
  • Oppenheimer (CRD #: 249)
  • Newbridge Securities (CRD #: 104065)
  • Wachovia Securities (CRD #: 19616)
  • Prudential Securities (CRD #: 7471)
  • Painewebber (CRD #: 7059)
  • Oppenheimer (CRD #: 630)
  • The G.M.S. Group (CRD #: 8000)

If Michael Sandberg 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 info@fkesq.com for a free case consultation with a securities attorney.

Leave a Comment