Michael Androulakis (CRD #: 2793638), a broker registered with Alexander Capital, is involved in allegations of negligence, according to his BrokerCheck record, accessed on April 6, 2021. There are five other disclosures on his record – keep reading for more information regarding Androulakis’s conduct as a broker.
On January 25, 2021, an investor alleged that Michael Androulakis breached his contract and engaged in improper conduct. They further allege he engaged in negligence. The investor is seeking $25,000; the dispute is pending.
Michael Androulakis: Two FINRA Suspensions
On March 20, 2018, Michael Androulakis entered into an Acceptance, Waiver, and Consent agreement (AWC) with FINRA in which he consented to the findings that he recommended 24 unsuitable non-traditional exchange-traded funds.
Non-traditional ETFs are typically held for a short period of time. FINRA has advised that they are not generally suitable for investors who plan to hold them for more than one trading session, especially in volatile markets. According to the AWC, Androulakis recommended that three investors purchase non-traditional ETFs and hold the investments for extended periods of time – as long as 531 days. As a result, FINRA alleges that his clients invested $177,000 and lost $42,000. All three of the investors were senior citizens.
The AWC also states: “Androulakis lacked a sufficient understanding of non-traditional ETFs and therefore lacked a reasonable basis to recommend the purchases.”
As part of the terms of the AWC, Androulakis consented to a three-month suspension and a $5,000 fine. He further agreed to satisfactorily complete ten hours of continuing education concerning complex products, including exchange-traded funds. You can read a copy of the AWC here.
On November 10, 2016, Michael Androulakis entered into an AWC in which he consented to the findings that he executed an unauthorized transaction in a customer’s account. FINRA alleges that on December 4, 2014, Androulakis received an email from an imposter pretending to be a client. The email requested a wire transfer of $54,000. Androulakis allegedly sold shares of stock in the investor’s account for approximately $52,720 so he could send the wire transfer. The imposter stated they were unreachable by phone because of a death in the family.
As part of the terms of the AWC, Androulakis consented to a 10-day suspension and a $5,000 fine. You can read a copy of the AWC here.
Three Investor Disputes
There are three other investor disputes on Michael Androulakis’s BrokerCheck.
- On November 17, 2015, an investor alleged that they lost money on an unsuitable equity transaction. The investor sought $50,000; the dispute settled for that exact amount.
- On April 24, 2015, an investor alleged that Michael Androulakis misappropriated funds and churned his account to generate commissions for himself. The investor sought $134,350; the dispute settled for $50,000. You can read the arbitration award here.
- On November 10, 2014, an investor alleged that Androulakis made unsuitable use of a margin account. The investor sought $20,000; the dispute settled for that exact amount.
Michael Androulakis has passed the 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 24 states.
Michael Androulakis has worked for the following firms:
- Alexander Capital (CRD #: 40077)
- Legend Securities (CRD #: 44952)
- J.P Turner & Company LLC (CRD #: 43177)
If you worked with Michael Androulakis 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.