Michael Scott Androulakis (Mike Andrews) – Financial Advisor/Broker Mike Andrews Suspended from the Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Mike Andrews is a currently licensed financial advisor/broker with Alexander Capital, L.P. Mike Andrews was a previously licensed financial advisor/broker with Legend Securities, Inc. FINRA reports that Mike Andrews was suspended from the securities industry for three months in April 2018. According to the FINRA BrokerCheck, Mike Andrews was also suspended from the securities industry for 10 days in December 2016.
According to Mike Andrews’s BrokerCheck Report, Regarding Mike Andrews’s suspension in April 2018, Mike Andrews consented to the sanctions and to the entry of findings that Mike Andrews failed to have a reasonable basis to recommend and effect 24 unsuitable leveraged exchange traded fund (Non-Traditional ETF) transactions in the accounts of three senior citizen customers. The findings stated that Mike Andrews’s customers held the Non-Traditional ETFs for periods as long as 531 days, despite the fact that these Non-Traditional ETFs were short-term trading vehicles not meant to be held for extended periods. In total, the customers invested over $177,000, resulting in losses of approximately $42,000. Mike Andrews lacked a sufficient understanding of the Non-Traditional ETFs at issue and did not conduct the required diligence to understand the investment. In addition, as Mike Andrews did not understand the true risks associated with non-Traditional ETFs, such as the increased risks associated with the use of leverage, there was no way for Mike Andrews to accurately determine whether the Non-Traditional ETFs were suitable for any particular customer.
According to Mike Andrews’s BrokerCheck Report, Regarding Mike Andrew’s suspension in December 2016, Mike Andrews consented to the sanctions and to the entry of findings that Mike Andrews executed an unauthorized transaction in a customer account. The findings stated that Mike Andrews was notified of an email purportedly sent from a customer’s email account requesting a wire transfer of approximately $54,000. Unbeknownst to Mike Andrews, the email was sent by an imposter. In an effort to raise proceeds to fund the wire transfer, Mike Andrews sold shares of a stock in the customer’s account for approximately $52,720. The imposter claimed to be unreachable by phone because of a death in his family. Mike Andrews executed the transaction without seeking authority or receiving instructions from the customer.
According to Mike Andrews’s BrokerCheck Report, three customer disputes has been filed alleging sales practice violations against Mike Andrews. These three customer disputes settled for $50,000, $50,000, and $20,000.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Mike Andrews and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Mike Andrews’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Mike Andrews and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 7/8/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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